HDFC Bank shares may fall to Rs 675-680, ICICI Bank a better pick, says Gaurav Sharma
Sharma said he is not recommending averaging or even fresh buying on HDFC Bank to his clients. ICICI Bank among the largest bank, is what encourages him.
- Aug 26, 2026,
- Updated Aug 26, 2026 9:58 AM IST
Amid a media report suggesting that a group of investors is planning to write to the Prime Minister’s Office over the alleged mis-selling of Carlisle’s life settlement product by HDFC Bank’s Dubai operations, Gaurav Sharma, VP and Head of Research at Globe Capital, said issues continue to pile up for India’s largest private sector bank.
In an exclusive interview with BTTV, Sharma said the Carlisle issue was another setback for HDFC Bank and was “not at all good” for investor sentiment.
“We are not recommending averaging or even fresh buying of HDFC Bank to our clients. ICICI Bank, among the largest banks, is what encourages us. We are suggesting the same to our clients,” Sharma said.
Sharma said he sees further decline for HDFC Bank towards Rs 675-680 in the coming weeks or month.
Earlier today, The Economic Times suggested that a group of 75 investors, accounting for more than $13.5 million in principal investment in Carlisle's Luxembourg Life Fund, is consolidating complaints and exploring legal action against HDFC Bank.
As per the report, the group was planning to approach the Reserve Bank of India (RBI) and the Central Bank of Bahrain, while some have already independently complained to the Dubai Financial Services Authority. Business Today could not independently verify the report at this point.
One investor, quoted by ET, alleged that the Carlisle-linked product was presented as a capital-protection, insurance-linked investment with past returns of 12-19 per cent a year.
PSU banks: Bullish stance
As far as PSU banks are concerned, Sharma said he has been really bullish since one year. "We continue to uphold our stance," Sharma said as he feels the market is not valuing PSU banks them nicely.
"But the kind of results continuously these banks are coming up with, the kind of CASA and new business growth that we are seeing in especially SBI, Canara Bank, the large 4-5 banks from the PSU side, they are very good," Sharma said.
From an investment perspective, Sharma said PSU banks should be in investor portfolio from one-and-a-half year time horizon.
"SBI, Canara, and Indian Bank are our favorite banks," he said.
Amid a media report suggesting that a group of investors is planning to write to the Prime Minister’s Office over the alleged mis-selling of Carlisle’s life settlement product by HDFC Bank’s Dubai operations, Gaurav Sharma, VP and Head of Research at Globe Capital, said issues continue to pile up for India’s largest private sector bank.
In an exclusive interview with BTTV, Sharma said the Carlisle issue was another setback for HDFC Bank and was “not at all good” for investor sentiment.
“We are not recommending averaging or even fresh buying of HDFC Bank to our clients. ICICI Bank, among the largest banks, is what encourages us. We are suggesting the same to our clients,” Sharma said.
Sharma said he sees further decline for HDFC Bank towards Rs 675-680 in the coming weeks or month.
Earlier today, The Economic Times suggested that a group of 75 investors, accounting for more than $13.5 million in principal investment in Carlisle's Luxembourg Life Fund, is consolidating complaints and exploring legal action against HDFC Bank.
As per the report, the group was planning to approach the Reserve Bank of India (RBI) and the Central Bank of Bahrain, while some have already independently complained to the Dubai Financial Services Authority. Business Today could not independently verify the report at this point.
One investor, quoted by ET, alleged that the Carlisle-linked product was presented as a capital-protection, insurance-linked investment with past returns of 12-19 per cent a year.
PSU banks: Bullish stance
As far as PSU banks are concerned, Sharma said he has been really bullish since one year. "We continue to uphold our stance," Sharma said as he feels the market is not valuing PSU banks them nicely.
"But the kind of results continuously these banks are coming up with, the kind of CASA and new business growth that we are seeing in especially SBI, Canara Bank, the large 4-5 banks from the PSU side, they are very good," Sharma said.
From an investment perspective, Sharma said PSU banks should be in investor portfolio from one-and-a-half year time horizon.
"SBI, Canara, and Indian Bank are our favorite banks," he said.