ICICI Lombard General Insurance shares surged by 14% in early trading on Monday following ICICI Bank's announcement that it will acquire an additional 4% stake in the insurance firm. ICICI Bank intends to purchase a minimum of 2.5% of the stake before 9th September 2024. ICICI Lombard's shares hit a 52-week low in March but have since rebounded, gaining over 13% in the last month, although the stock has underperformed the Nifty50. ICICI Lombard currently has a market capitalisation in excess of 60,568 crore RS.