HDFC Bank mcap falls below ₹12 trn; down 10% in 3 days post Atanu's exit

HDFC Bank market cap falls below ₹12 trn; stock down 10% in 3 days post Atanu's exit

HDFC Bank share price today

HDFC Bank's share price hit a fresh 52-week low of ₹756.60, falling 3 per cent on the BSE in Monday’s intra-day trade. The stock price of the private lender declined today because the bank reportedly asked three executives to step down over allegations of misselling.

 

In the past three trading days, the market price of HDFC Bank tanked 10 per cent following the sudden resignation of part-time chairman Atanu Chakraborty on March 18, 2026. The stock is quoting at its lowest level since June 2024.

 

HDFC Bank's market cap falls below ₹12 trillion

 

A sharp sell-off in HDFC Bank shares has caused its market capitalisation to fall below the ₹12 trillion mark for the first time in over two years. With a market capitalisation of ₹11.70 trillion, HDFC Bank quoted 2.6 per cent lower at ₹760.30 at 09:39 AM on Monday. In comparison, the BSE Sensex was down 1.7 per cent at 73,291.

 

 

Earlier, on December 6, 2024, HDFC Bank’s market capitalisation stood at ₹11.97 trillion on a closing basis. Its market capitalisation had hit a record high of ₹15.54 trillion on July 30, 2025, data shows.

 

Meanwhile, thus far in the calendar year 2026, HDFC Bank lost ₹3.6 trillion market capitalisation, as the stock price of lender plunged 23.7 per cent. As on December 31, 2025, the bank’s market capitalisation stood at ₹15.26 trillion.  CHECK Stock Market LIVE Updates 

Brokerages view on HDFC Bank

 

HDFC Bank’s part-time chairman and independent director Atanu Chakraborty resigned with immediate effect last week, stating that certain happenings and practices observed over the last two years were not in alignment with his personal values and ethics. He clarified that there are no other material reasons for his resignation and did not attribute the decision to any wrongdoing by the bank.

 

The Reserve Bank of India (RBI) approved the appointment of Keki Mistry as interim part-time chairman for a period of three months, ensuring continuity in board oversight until a permanent appointment is made.

 

While strategy to accelerate growth along with focus on liabilities remains underway, the stock is likely to trade weak in near term following the sudden resignation of part time chairman, with impact further amplified by a subdued macro environment amid geopolitical tensions. Factoring near term uncertainty, analysts at ICICI Securities lowered its multiple to 2.1x FY28E ABV and add ₹124 for subsidiaries, thereby reducing target price at ₹1,070 (earlier ₹1,150). Given recent price correction, the brokerage firm said it maintains BUY rating on the stock.

 

Following the recent correction, analysts at Emkay Global Financial Services believe the valuations appear attractive for a bank on the cusp of a post-merger turnaround. Thus, the brokerage firm retains a BUY rating and a target price of ₹1,225 (2.6x FY28E standalone ABV). However, analysts believe HDFC Bank needs to rebuild leadership strength and soon clarify the current MD’s term extension beyond October 2026, along with the appointment of a credible long-tenure Chairman, which may otherwise remain a drag on the stock in the near term.

 

Governance credibility and management stability remain critical factors, and ambiguity, especially around board-level exits citing values and ethics, would result in a near-term cap on upside, despite operational performance remaining healthy and on an improving trajectory, analysts at Axis Securities said.

 

Clarity on leadership succession, including appointment of a permanent Chairman and progress on MD & CEO re-appointment, remains a key catalyst. The brokerage firm reiterates a BUY recommendation on the stock with a revised target price of ₹1,020 per share, on reasonable valuations. However, the brokerage firm lowered its target multiple, valuing the stock at 2.1x Sep’27E ABV (on core book vs 1.7x currently) and assigning a subsidiary value of ₹135. It cut the target multiple to 2.1x Sep’27E ABV vs 2.5x Sep’27E ABV earlier.  ==================================================  Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.