Overview
- HDFC Bank shares fell to a new 52-week low, extending a roughly 24%–26% decline so far this year.
- Jefferies kept a Buy rating with a Rs 1,240 target, citing attractive valuation and solid asset quality, growth and returns.
- The brokerage estimates the stock at about 1.6 times FY27 adjusted book value, a discount to ICICI Bank and to Axis and Kotak.
- After chairman Atanu Chakraborty resigned citing practices at the bank that clashed with his values, the board hired external law firms to review his letter and management said the exit was not tied to any regulatory issue.
- Jefferies strategist Christopher Wood removed HDFC Bank from some GREED & Fear portfolios and introduced HSBC with a 4% weight, signaling caution even as the house view stays positive.