ICICI Bank extends losses to 5 pct after acquisition

Based on the all-stock deal's swap rate and Tuesday's closing prices, ICICI would pay 188.42 rupees per share, a premium of 89 percent to the small lender's Tuesday close, valuing the business at $668 million.

At 9.55 am (0425 GMT), ICICI Bank shares were down 5.3 per cent at 841.45 rupees in a weak Mumbai market.