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By Chris McKhann

Shares of India's ICICI Bank (IBN) are down 22 percent in the last two months, and institutional option trading this morning is looking for the stock to be down another 30 percent.

IBN is trading at $45.36 this morning, up 1.43 percent, after seeing its lowest close since early September yesterday. The shares had traded above $58 in early November but have been trending lower ahead of its earnings release on Jan. 20.

The June puts dominate the option activity this morning. A trader bought 5,000 of the June 40 puts, most for $2.43, and sold about the same number of June 30 puts for $0.43. The volume was more than 5 times the open interest at both strikes.

Given the range of this trade it appears to be a bet that IBN is set to continue to plunge in the next five months. The maximum profit of $8 will come if the stock is below $30, a level that IBN hasn't seen since August 2009.

Disclosure: No position

Source: Bears Bet ICICI Bank Will Keep Falling