HDFC Bank shares have staged a recovery from their recent 52-week low, adding nearly Rs 87,400 crore to the lender’s market capitalisation over seven trading sessions.
The stock had slipped to a 52-week low of Rs 681.90 on September 11. It closed at Rs 738.60 on September 22, representing a rise of Rs 56.70, or 8.32 per cent, from the recent low.
The rebound has also pushed the stock back above its 50-day moving average. Investors and brokerages, meanwhile, continue to closely monitor the bank’s ongoing leadership transition.
Anil Singhvi Points to Further Strength
According to Singhvi, the stock consolidated after gaining for two consecutive sessions and ended at Rs 738.60, down Rs 0.90 on the day. However, the following session saw the stock form a higher high and a higher low, a pattern that he said indicated renewed strength.
He also noted that HDFC Bank had managed to close above its 50-day moving average, which stands at around Rs 735. The next significant technical level, according to Singhvi, is the 100-day moving average near Rs 756.
Macquarie Sees Nearly 56% Potential Upside
Macquarie has retained its Outperform rating on HDFC Bank and set a target price of Rs 1,150. Based on the September 22 closing price of Rs 738.60, the target represents an implied upside of around 55.7 per cent.
The brokerage said the Reserve Bank of India is seeking feedback from the Insurance Regulatory and Development Authority of India (IRDAI) regarding Anup Bagchi’s candidature. The bank has not yet received a final decision on the appointment of its next CEO.
HDFC Bank’s board has submitted the names of Kaizad Bharucha and Anup Bagchi to the RBI. Media reports have identified Bagchi as the frontrunner. He currently serves as the head of ICICI Prudential Life.
Macquarie highlighted leadership stability as an immediate concern, noting that an appointment from outside the bank could potentially result in departures among senior management.
UBS, Jefferies and Nomura Maintain Buy Ratings
UBS has retained its Buy rating on HDFC Bank with a target price of Rs 1,000. This represents an implied upside of around 35.4 per cent from the stock’s September 22 closing price.
The brokerage expects greater clarity on the leadership transition in the coming weeks. UBS said some of the downside scenarios linked to the succession issue may already be reflected in the stock price, and resolving the uncertainty could help support a re-rating.
UBS also expects the bank’s branch expansion to contribute to deposit growth. Around 42 per cent of HDFC Bank’s branches are less than five years old, according to the brokerage. It expects loan growth to move towards 15 per cent during FY27-29E, while margins could improve towards 3.5 per cent.
Jefferies has also maintained a Buy rating, with a target price of Rs 880, implying an upside of around 19.1 per cent. The brokerage noted that HDFC Bank has put forward two candidates for the CEO role and is progressing with the appointment process. It expects greater clarity over the succession to be positive for both the bank and the broader banking sector.
Nomura has retained its Buy rating with a target price of Rs 950, implying an upside of around 28.6 per cent. It considers the leadership transition an important near-term catalyst for the stock.
According to Nomura, an internal candidate could offer continuity, while a suitably qualified external candidate with a strong banking background could potentially support a sustained re-rating.
HDFC Bank Stock Performance
Despite the recent rebound, HDFC Bank shares remain well below their 52-week high of Rs 1,020.50, recorded on October 23, 2025.
From the September 11 low of Rs 681.90, the stock has recovered 8.32 per cent to Rs 738.60 as of September 22.
On a broader timeframe, however, the stock remains under pressure. HDFC Bank is down 25.48 per cent so far this year and has declined 22.84 per cent over the past year.
The recent performance has been comparatively stronger, with the stock gaining 2.37 per cent over the past week and 1.60 per cent over the last month. During the same periods, the Nifty 50 declined 10.78 per cent and 3.81 per cent, respectively.