A question of faith

Macquarie Research’s report is based on meetings with top US shareholders

The report says that the investors are very disappointed with the board and the way the chairman handled the issue

It adds that shareholders will be more confident if an external candidate is appointed as the CEO

The report questions new COO Sandeep Bakhshi’s ability to change the culture of ICICI Bank after having spent the last 15 years in the insurance business

Investors are worried about ICICI Bank's stock losing its appeal due to the controversy, says the report However, the investors are not questioning the fundamentals of ICICI Bank