Nirmal Bang, one of the leading equity research-cum-broking house, is of the view that investors can sell ICICI Bank with a target price between Rs 710-725.

According to research report, investors can sell the stock with a strict stop loss of Rs 755.

Today (Aug 10), the stock opened at Rs 751.90 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 35.11 and 20.95 respectively. The share price has seen a 52-week high of Rs 807 and a low of Rs 252.75 on BSE.

Nirmal Bang is of the view that investors should sell the stock today in order to avoid loss.

After selling the stock, the interested investors can enter the stock again at a low price, for medium or long term prospective.

For the quarter ended June 30, ICICI Bank has posted a growth of 67.72% in its consolidated net profit, which stood at Rs 10,352.60 million as against Rs 6,172.70 million for the quarter ended June 30, 2009.

The bank's total income fell 0.20% to Rs 146,150.60 million during the same period as compared to Rs 146,443 million for the same quarter last year.

During the quarter, ICICI Bank's standalone net profit increased 20.63% to Rs 8,782.20 million as against Rs 7,280.10 million in the same quarter previous year.

Interest income of the bank dropped 9.61% to Rs 71,334 million, whereas total income during the quarter came down 2.19% to Rs 92,233.20 million.

The bank posted an EPS of Rs 7.89 a share.

In last two years, ICICI Bank was twice issued letter of warning or advisory note for breaching RBI rules.

In 2007-08, the central bank accused ICICI Bank for breaching guidelines / directives regarding opening of depository accounts that resulted in a fictitious accounts being opened by fraudsters at the bank's Patna division.

According to Finance minister Pranab Mukherjee, ICICI Bank was issued 'Advisory Note' during Dec 2007, and a letter of warning in April 2008 for its irregular dealings in securities in Hong Kong.