The Singapore government and its investment arm, Temasek Holdings, have been gradually reducing stake in ICICI Bank, their one of their biggest investments in India, by selling shares in the secondary market, reported Business Standard of India.

Business Standard said their collective stake has come down to 7.29% in the quarter ended September from nearly 9.27% in the quarter ended June and 9.91% in the quarter ended March, according to the latest shareholding pattern that the bank has filed with the National Stock Exchange.