The ouster of Chanda Kochhar was a big blow to one of India’s largest private banks. Poor corporate governance meant the stock price of ICICI Bank took a beating, as fresh allegations continued to emerge against the once-revered CEO. But since Kochhar's resignation in October 2018, the shadow of financial misconduct has given way to renewed investor interest. In fact, ICICI Bank has risen 73% since then, to scale a 52-week high of Rs.518. It currently trades at Rs.510 and analysts at Morgan Stanley Research say there’s room for more upside. In their report, they state, “We still see 50-100% upside in one to two years.” They remain overweight on the stock, since at 1.8x core P/B for FY21, it’s still available at “a deep discount to private peers”. Whereas, Axis Bank trades at 1.9x, IndusInd at 2.4x and Kotak Bank at 3.7x.