Perfectly valid reasons, which is exactly what made me hold on to the company till now, after results. Green shoots are there, but only just so.
Basically it is a trust issue now. With all banks going back on their pronouncements made just 90 days back and reporting awful numbers, I am no longer sure how deep the hole is. A case in point is the article below.
I still believe ICICI bank will give decent returns when things turn around, but the WHEN has been postponed farther out. I might have held on, but incidentally, I found a company to switch to, which triggered my sale. So it was a matter of relative attractiveness.
Just a point on the dividend - why should the bank, which severely needs to conserve capital, should declare dividends completely beat me, till I read the announcement that the senior management would forgo their annual bonuses. With the relatively large dividend compensating, who needs a paltry bonus of 5cr?