HDFC Bank shares rise as review dismisses Atanu Chakraborty allegations
HDFC Bank shares ticked up after an independent legal review dismissed governance allegations raised by ex-chairman Atanu Chakraborty earlier this year.
This helped calm investor nerves about how the bank is run, though the stock is still down 20% over the past year, much steeper than the Nifty 50's 5.7% drop.
The bank remains a heavyweight with a market cap of ₹12.3 lakh crore.
Jefferies keeps Buy, JPMorgan bullish
Big brokerages like Jefferies and JPMorgan are still upbeat on HDFC Bank, pointing to its low valuation and steady performance.
Jefferies kept its "Buy" rating with a target price of ₹1,050, saying the legal review eases investor concerns around governance and supported leadership changes like Managing Director and CEO Sashidhar Jagdishan's term extension.
JPMorgan also sees room for gains, keeping its target at ₹990 even after recent bumps in the road.