Domestic mutual funds stepped up their investments in ICICI Bank during the financial year ended March 31, 2026, even as foreign portfolio investors (FPIs) and insurance companies pared their holdings, reflecting a notable shift in the lender’s ownership structure.
According to the bank’s latest shareholding pattern filed with stock exchanges, mutual fund holdings climbed to 32.42 per cent as of March 31, 2026, up from 29.86 per cent a year earlier. The increase of 256 basis points over the 12-month period underscores sustained domestic institutional confidence in the bank’s performance and outlook.
In contrast, FPI ownership declined to 43.68 per cent at the end of the fourth quarter, compared with 45.82 per cent in the corresponding period last year. The reduction suggests a degree of caution or portfolio rebalancing by overseas investors amid evolving global and domestic market conditions.
Insurance companies also trimmed their exposure during the year. Their combined holding, including that of Life Insurance Corporation of India, fell to 10.08 per cent from 11.25 per cent in March 2025, indicating a broader trend of institutional reallocation.
Despite these shifts, the bank’s ownership remains heavily institution-driven. Total institutional holding, encompassing both foreign and domestic investors, stood at 90.54 per cent of the total equity as of March-end. The bank continues to operate with zero promoter holding, maintaining its widely held structure.
The changes highlight a gradual tilt toward domestic institutional ownership, with mutual funds emerging as key stakeholders even as foreign investors scale back their positions.
Published on April 21, 2026
