HDFC Bank m-cap tripled in 6 yrs. But this rare bear on the stock still made money

Pankaj Agarwal has mostly stuck to his sell rating on HDFC Bank Ltd. for six years, during which the lender’s stock has tripled in value, turning it into India’s biggest by market capitalisation.
 

Yet investors who followed Agarwal’s recommendations over the past 12 months have yielded a 36% return, the most among more than 40 analysts covering the stock.

After a 63% rebound from its March low, HDFC Bank’s stock is too expensive given the risks related to management change and asset quality, as Indian lenders face “one of the most challenging phases” amid Covid-19 and the nation’s prolonged credit