HDFC Bank changes its growth track

Wholesale loans accounted for 46% of total, with retail accounting for the rest

HDFC Bank has been among the top BSE Sensex performer, with year-to-date gains of 45 per cent. However, after scaling to its 52-week high of Rs 1,810 on August 1, the stock has pared some gains to now trade at Rs 1,754.

The decline may be attributed to weak market conditions seen in the past few weeks. June quarter results, which threw up some asset quality issues, particularly on the agriculture loans front, has prompted some analysts to increase their credit cost estimates. Jefferies has upped its credit cost guidance 18 basis points (bps) for FY18, while UBS has raised