HDFC Bank shares: Buy, hold or sell? Bear case scenario in the price, says UBS
HDFC Bank left its position unchanged.
21 Sept 2026 · Business Today Mkts
UBS said 42 per cent of HDFC Bank's branches are less than five years old against 5-30 per cent for other large banks, which should drive improved productivity as the branches mature.
The analysis
HDFC Bank reported movement of 42% and -30%. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is -1.2% on the day at ₹702.65, and has returned -15.3% over three months. It sits 30% below its 52-week high, which means a good deal of bad news was already in the price. The banks sector has moved -4.0% over the same period, so HDFC Bank is running 11.3 points behind its peers.
For HDFC Bank, the question is how much of this is already reflected in the price and how much re-rates the banks peer set alongside it.
Market context
- The company directly in focus is HDFCBANK.
- Sector exposure: Banks.
In this story
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