ICICI Bank Vs HDFC Bank

Following are some points from fundamental analysis of ICICI Bank Vs. HDFC Bank. (These are two of the largest private banks in India)
Results as of their FY 2008 Annual Reports:
As of March 31, 2008:
ICICI Bank had a market price of 1044.22 and a diulted EPS of 39.15.
HDFC Bank had a market price of 1331.25 and a diluted EPS of 46.22.
Therefore P/E ratios were at: ICICI Bank: 26.67 and HDFC Bank: 28.80.

Since then, HDFC Bank has announced results for both Q1 and Q2 FY09 whereas ICICI Bank has announced results for Q1 FY09 only. On October 27 2008 ICICI Bank will announce results for Q2 FY09.

As of October 17, 2008:
ICICI Bank had a market price of Rs. 395.00 whereas HDFC Bank had a market price of Rs. 1000.00.
P/E ratios on October 17 comparing the previous year's EPS against the current market price:
ICICI Bank: 10.09 HDFC Bank 21.93.

This analysis shows that the market value of ICICI Bank is almost only 50% of its market value as of March 31, 2008, benchmarking against HDFC Bank.

Factors:
There were rumours that ICICI has gone bankrupt and a large number were withdrawing their deposits from the bank as of the first week of October.
As of the first week of March 2008 there was controversy around the level of ICICI's losses from exposure to sub prime mortgages/ credit default swaps internationally.

Despite the above rumours, I think ICICI Bank is a very good buy at this stage for any investor who has a long term perspective.