HDFC Bank New MD Anup Bagchi Calls For More Work On Balance Sheet, Integration Work Largely Done

Against that, the stock is +0.3% on the day at ₹728.85, and has returned -9.8% over three months. It sits 28% below its 52-week high, which means a good deal of bad news was already in the price. The banks sector has moved -3.1% over the same period, so HDFC Bank is running 6.7 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.