HDFC Bank shares have declined over 26 per cent year-to-date (YTD) amid market volatility due to persistent geopolitical uncertainties, including US tariff concerns and the ongoing war in the Middle East. The Blue-chip stock was at Rs 1001.20 per share on January 2, 2026. On March 30, the stock closed at Rs 731.80 on the BSE, marking a drop of Rs 24.45, or 3.23 per cent.
The shares of India's largest private-sector lender fell by more than 12 per cent over the last two weeks following a sell-off triggered by the resignation of its part-time chairman, Atanu Chakraborty.
Meanwhile, many brokerage firms expect HDFC Bank's stock to deliver strong returns from its current price.
JP Morgan Sees 38% Uptick
Earlier, the global brokerage firm upgraded HDFC Bank's rating from 'Neutral' to 'Overweight', highlighting that the risk-reward ratio is now more favourable.
According to JP Morgan, the bank's valuations are at their lowest since the merger, and its core business remains strong. With the prospect of earnings growth becoming clearer during FY27-28, there appears to be scope for a re-rating of valuations.
Price target: Rs 1010, Potential upside: 38 per cent
Jefferies' top pick
Jefferies keeps HDFC Bank among its top banking stocks as the global firm believes that the bank's valuation is attractive. According to Jeffries, the bank is valued at 1.6 times FY27 estimated Price to Book and 13 times Price to Earnings, it is at a discount to ICICI Bank and a small premium to similar banks.
Jefferies sets a target price at Rs 1240 for the banking stock, which translates into 69% increase from the current price.
Disclaimer: This story is for informational purposes only. It should not be considered as investment advice.