HDFC Bank share price declined over 3% on Monday, extending its fall for the fourth straight session, amid sustained selling pressure. HDFC Bank shares fell as much as 3.83% to ₹750.55 apiece on the BSE.
In the past four sessions, has plunged more than 11%. The recent slump in the private bank’s shares came after the abrupt resignation of its non-executive chairman Atanu Chakraborty on March 18.
The development came at a time when the Indian stock market is already grappling with macro-uncertainty amid the prolonged in the Middle East, which stoked inflation fears on elevated crude oil prices.
HDFC Bank announced the sudden resignation of its part-time chairman and independent director , who stepped down citing a mismatch between certain practices within the bank and his personal values and ethics over the last two years.
Chakraborty emphasized that his decision was driven by differences in ideology rather than any wrongdoing, while clarifying that no other material reasons were involved.
Following his exit, the RBI approved the appointment of as interim chairman of for a three-month period.
However, the assurance from the management team, 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.
Should you buy, sell or hold HDFC Bank shares?
HDFC Bank share price has massively underperformed as it fell by ~24% on a year-to-date (YTD) basis as against ’s decline of 14%, and a 13% fall in index.
“HDFC Bank currently trades at P/ABV of 1.5x March 2028E and at current valuation risk reward seems favorable. We don’t see any material concern in the sudden exit of Mr. Atanu, and believe it’s a good price to enter the name,” said Haitong Securities.
HDFC Bank’s advances are expected to grow by 13% CAGR and profit to grow by ~14% CAGR over FY25-FY28, according to the estimates by the foreign brokerage house. It expects HDFC Bank to deliver average ROAA and ROAE of 1.8% and 14.5% by FY26-FY28. It believes the bank is working on quality from a long-term perspective, however, in the near term, trajectory in NIM, and deposits (esp. retail deposits) will be the key.
Haitong Securities maintained an ‘Outperform’ rating and price target of ₹1,100 per share.
Motilal Oswal Financial Services believes the appointment of the new Chairman and the submission of ’s name for next CEO term will help restore investor trust.
“Meanwhile, the improved operating performance in the coming year will be critical to stock performance. The swift regulatory engagement and interim leadership appointment do provide comfort on operational continuity,” said MOFSL.
The domestic brokerage firm maintains its earnings estimates and expects RoA and RoE at 1.9% and 14.5% by FY27. It retained a ‘Buy’ call on HDFC Bank shares with a target price of 1,100 apiece.
Technical Outlook
HDFC Bank stock price has faced sustained selling pressure after failing to break past the ₹1,020 resistance zone multiple times. The stock corrected sharply in December and subsequently breached its key 200 DEMA support in early January 2026.
“Since then, HDFC Bank share price has been forming a lower top–lower bottom structure, which indicates a prevailing downtrend in technical terms. From a broader perspective, applying Fibonacci retracement to the rally from the COVID-lows to the recent highs indicates that the 38.2% retracement level near ₹762 acts as an immediate support,” said Ruchit Jain, Head, Equity Technical Research, Wealth Management, Motilal Oswal Financial Services Ltd.
According to him, a breach below this could lead to further downside towards the 50% retracement level around ₹684.
At 11:05 AM, HDFC Bank share price was trading 3.60% lower at ₹752.35 apiece on the .
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.