ICICI Lombard - 7 % Drop after Macquarie Down Grade

Macquarie has initiated coverage on the stock with Underperform rating.

The stock price closed at Rs 787.85 on the BSE, falling 7.02 percent from previous settlement.

The target price set at Rs 565 per share by the research house is 33.3 percent lower compared to Monday’s closing price of Rs 847.30 as current valuations leave no upside for the stock.

@mac76 I am holding it from IPO and have a long term view of 5 years.

What do you guys think ?

Stay away from Insurance sector… People in India opt for insurance only for tax savings, not insurance. You buy insurance stock only if you are ready to hold for long term. HDFC life insurance looks attractive. It is a good buy for target 470.

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