BIG DEAL | ICICI Prudential raises stake in SBI Cards and Payment Services to 7.30%

ICICI Prudential raises stake in SBI Cards and Payment Services to 7.30%AI Quick ReadICICI Prudential Mutual Fund has increased its stake in SBI Cards and Payment Services to 7.30% through open-market purchases.

The mutual fund acquired a net 2.02 crore equity shares since its previous disclosure, taking its total holding in the credit card issuer to 7.30%. The latest transaction involved the purchase of 21.61 lakh shares on 25 August 2026.

The acquisition was made through open-market transactions for investment purposes and does not involve any intention to acquire control of the company. The increased holding marks a significant rise from ICICI Prudential Mutual Fund's earlier disclosed stake of 5.18%.

SBI Cards and Payment Services is one of India's leading credit card issuers, offering a range of payment products and services to consumers nationwide.

Meanwhile, ICICI Prudential AMC share price declined nearly 5% today after the asset management company announced that its promoter, Prudential Corporation Holdings, plans to sell up to a 2% stake in the company.

In an exchange filing on Wednesday, ICICI Prudential AMC said Prudential Corporation Holdings intends to offload up to 98.85 lakh equity shares to comply with minimum public shareholding norms.

As of 21 August, Prudential Corporation Holdings, along with other promoters and members of the promoter group, held a 87.60% stake in ICICI Prudential AMC. Following the proposed stake sale, the promoter and promoter group shareholding is expected to decline to 85.60%.

The proposed transaction is scheduled to commence on 27 August and may be carried out in one or more tranches.

ICICI Prudential AMC share price today opened at ₹3,105 apiece on the BSE, the stock touched an intraday high of ₹3,118.70 per share, and an intraday low of ₹3,064.55 apiece.

Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said ICICI Prudential AMC has remained range-bound between ₹3,207 and ₹3,314 over the past five trading sessions.

According to Shah, the stock opened with a gap down and is currently forming a doji candle, marked by a narrow body and shadows on either side, indicating intraday indecision following the weak opening.

The gap-down move has pushed the stock below key moving averages, pointing to a deterioration in the technical structure. The RSI faced resistance near the 60 level several times during the consolidation phase and has since turned lower, signalling a bearish bias. Meanwhile, the rising ADX suggests that bearish momentum is gaining strength.

Shah believes the bearish bias is likely to persist as long as ICICI Prudential AMC trades below the ₹3,210– ₹3,215 zone.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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