India’s second-largest private lender, ICICI Bank, is encountering resistance from some minority shareholders regarding the planned delisting of its broking unit, with claims that the valuation falls short of its fair value. The bank, which holds nearly three-fourths stake in ICICI Securities, put forward a share-swap ratio last year, offering 67 shares of the parent lender for every 100 shares owned by the broking unit investors. The move has sparked apprehension among minority shareholders due to concerns regarding the unit's valuation versus its fair value.