ICICI trades at 4 P/B, and they still have ethical issues such as ICICI securities fiasco (against minority shareholder)
The same goes for Axis recently, they had Axis capital issue, their ROE is no where near to be consistent as those two (HDFC & Kotak) , ICICI has been consistent just for three years which is when even PSB’s themselves performed well, when the cycle turns, which it will, then only we can state that they are on par with these two or not, until then
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