HDFC Bank shares: Worst Nifty performer today; buy or sell? Fresh target prices from MOFSL, JM, others
HDFC Bank fell 2.33 per cent to hit a low of Rs 781 apiece. The scrip declined 5.32 per cent in the previous session. With this, the scrip has entered a bear grip, falling over 20 per cent in 2026 so far.
- Mar 20, 2026,
- Updated Mar 20, 2026 9:58 AM IST
HDFC Bank Ltd saw its shares declining over 2 per cent in Friday's trade, taking its recent fall to the third straight session. The stock has been in news after the part-time Chairman Atanu Chakraborty resigned, which brokers said cast a shadow over the board and the management team despite improving earnings outlook.
JM Financial said the near-term stock performance may remain under pressure as investors would like to have more comfort in the board after the episode. The upcoming MD & CEO’s renewal in a few months time may also put pressure on HDFC Bank stock price performance, it said.
"We have been less bullish on HDFC Bank since the last few months, though our concerns have been on fundamentals. The stock is down 19 per cent in the last 3 months. It is currently trading at a lower valuation of 1.5 times FY28 adj BVPS with current 1-year forward adjusted P/B being 1.25 SD below the historical mean," JM Financial said.
On Friday, the HDFC Bank stock fell 2.33 per cent to hit a low of Rs 781 apiece. It was the worst Nifty performer so far. The scrip declined 5.32 per cent in the previous session. With this, the scrip has entered a bear grip, falling over 20 per cent in 2026 so far.
While valuation remains attractive given franchise strength, the prevailing concerns imply a range-bound stock price outcome in the near term, JM Financial said.
MOFSL said the development has dampened investor sentiment and comes at a time when the markets are already grappling with lot of macro-uncertainty. That said, it believes the assurance from the management team, Keki Mistry’s appointment as an interim Chairman, and the RBI’s endorsement of the bank’s corporate governance and compliance standards have helped assuage some of the concerns.
"Going ahead, we believe the appointment of the new Chairman and the submission of Sashi Jagdishan’s name for next CEO term (term due in October 2026) will help restore investor trust. Meanwhile, the improved operating performance in the coming year will be critical to stock performance," it said.
For now, the brokerage has retained 'Buy' with a target price of Rs 1,100 on the stock.
Antique Stock Broking expects the RBI and the board to make further disclosures on the actions undertaken to assuage the concerns of the outgoing chairman and the investor community at large.
"A lack of any stated specific instances wherein such incongruency would have occurred, neither by Mr Atanu Chakraborty nor by the interim chairman/management and board members, during the analyst call, remains a point of concern. Prompt support by the regulator for the bank, during this time of crisis, has been the key highlight of the incident. it said.
Antique has retained its 'Buy' rating on the stock but with a revised target price of Rs 1,090 per share against Rs 1,200 earlier, valuing the bank at 2 times FY28 book value per share against 2.3 times earlier. It values the bank subsidiaries at Rs 150 per share.
Nirmal Bang Institutional Equities remained positive on HDFC Bank Ltd due to its best-in-class asset quality, growth potential because of good capital position and expanding deposit franchise, potential for margin improvement and merger synergies in the long term.
"We maintain a ‘BUY’ rating on HDFC Bank with a target price of Rs 1,210 (valued at 2.6 times December 2027E ABV plus subsidiary value per share of Rs 114)," the brokerage said.
Nirmal Bang said while Atanu Chakraborty’s resignation letter cited a lack of congruence with personal values and ethics, the board stated that no specific material matters, operational issues, or governance lapses were brought to their attention when they inquired with the outgoing Chairman Chakraborty.
HDFC Bank Ltd saw its shares declining over 2 per cent in Friday's trade, taking its recent fall to the third straight session. The stock has been in news after the part-time Chairman Atanu Chakraborty resigned, which brokers said cast a shadow over the board and the management team despite improving earnings outlook.
JM Financial said the near-term stock performance may remain under pressure as investors would like to have more comfort in the board after the episode. The upcoming MD & CEO’s renewal in a few months time may also put pressure on HDFC Bank stock price performance, it said.
"We have been less bullish on HDFC Bank since the last few months, though our concerns have been on fundamentals. The stock is down 19 per cent in the last 3 months. It is currently trading at a lower valuation of 1.5 times FY28 adj BVPS with current 1-year forward adjusted P/B being 1.25 SD below the historical mean," JM Financial said.
On Friday, the HDFC Bank stock fell 2.33 per cent to hit a low of Rs 781 apiece. It was the worst Nifty performer so far. The scrip declined 5.32 per cent in the previous session. With this, the scrip has entered a bear grip, falling over 20 per cent in 2026 so far.
While valuation remains attractive given franchise strength, the prevailing concerns imply a range-bound stock price outcome in the near term, JM Financial said.
MOFSL said the development has dampened investor sentiment and comes at a time when the markets are already grappling with lot of macro-uncertainty. That said, it believes the assurance from the management team, Keki Mistry’s appointment as an interim Chairman, and the RBI’s endorsement of the bank’s corporate governance and compliance standards have helped assuage some of the concerns.
"Going ahead, we believe the appointment of the new Chairman and the submission of Sashi Jagdishan’s name for next CEO term (term due in October 2026) will help restore investor trust. Meanwhile, the improved operating performance in the coming year will be critical to stock performance," it said.
For now, the brokerage has retained 'Buy' with a target price of Rs 1,100 on the stock.
Antique Stock Broking expects the RBI and the board to make further disclosures on the actions undertaken to assuage the concerns of the outgoing chairman and the investor community at large.
"A lack of any stated specific instances wherein such incongruency would have occurred, neither by Mr Atanu Chakraborty nor by the interim chairman/management and board members, during the analyst call, remains a point of concern. Prompt support by the regulator for the bank, during this time of crisis, has been the key highlight of the incident. it said.
Antique has retained its 'Buy' rating on the stock but with a revised target price of Rs 1,090 per share against Rs 1,200 earlier, valuing the bank at 2 times FY28 book value per share against 2.3 times earlier. It values the bank subsidiaries at Rs 150 per share.
Nirmal Bang Institutional Equities remained positive on HDFC Bank Ltd due to its best-in-class asset quality, growth potential because of good capital position and expanding deposit franchise, potential for margin improvement and merger synergies in the long term.
"We maintain a ‘BUY’ rating on HDFC Bank with a target price of Rs 1,210 (valued at 2.6 times December 2027E ABV plus subsidiary value per share of Rs 114)," the brokerage said.
Nirmal Bang said while Atanu Chakraborty’s resignation letter cited a lack of congruence with personal values and ethics, the board stated that no specific material matters, operational issues, or governance lapses were brought to their attention when they inquired with the outgoing Chairman Chakraborty.