Why is ICICI Bank now closing its valuation gap with HDFC Bank?

One of the reasons the valuation gap is closing between ICICI Bank and HDFC Bank is that we had impressive results from ICICI Bank but rather tepid results from HDFC Bank for Q4. For Q4, ICICI Bank saw lower provisioning and better asset quality; apart from healthy growth in NII and CASA. But more importantly, while ICICI Bank NIM scaled up to 4%, NIM of HDFC Bank scaled down to a low of 4%. Investors are worried about whether HDFC Ltd merger can go through smoothly while ICICI Bank has no such headwinds.