Whalesbook
Asal mein, HDFC Bank ke part-time chairman Atanu Chakraborty ne pichhle hafte resignation de diya, aur reason bataya 'ethical differences'. Abhi tak bank ko Chakraborty ke reasons pata nahi chal paye hain. Is khabar ke baad, Tuesday, March 24, 2026 ko HDFC Bank ka share price lagbhag 12% neeche gir gaya. Bank ne kaha hai ki woh is matter ki investigation ke liye international aur domestic auditors appoint kar rahe hain. Investors toh surprise ho gaye hain kyunki Chakraborty ke reasons clear nahi kiye gaye the.
Is governance concern ki wajah se, HSBC ne toh HDFC Bank ko 'Buy' se 'Hold' par downgrade kar diya aur target price bhi 12% tak kam kar diya. Unka kehna hai ki isse investor confidence par asar pad sakta hai aur future plans delay ho sakte hain.
Lekin sab investors aise bearish nahi hain. G Chokkalingam, jo Equinomics Research ke Founder & MD hain, unhone abhi bhi 'BUY' rating de rakhi hai. Woh kehte hain ki stock abhi bahut attractive valuation par mil raha hai. Agar HDFC Life Insurance aur HDFC ERGO mein HDFC Bank ki stakes ki value nikal di jaye, toh bank ka core lending business sirf 1.7 times FY2026 ke estimated Adjusted Book Value par trade kar raha hai. Woh expect karte hain ki core lending aur subsidiaries ka performance aage achha rahega.
HDFC Bank ki market cap ₹4.50 Trillion hai aur TTM P/E ratio 22.5x hai. Ye SBI ke ~12x P/E se zyada hai, par ICICI Bank ke ~18x P/E ke aas paas hai. HDFC Bank hamesha se hi apni strong market position ki wajah se premium par trade hota aaya hai.
Chairman ka itne vague reasons se achanak resign karna, aur bank ka yeh kehna ki unhein specific reasons pata nahi, yeh sab governance issues ko dikhata hai. Isse investors ka trust kam ho sakta hai aur yeh internal disputes ka bhi signal ho sakta hai, khaas kar risk management ya disclosure rules ko lekar. Jabki HDFC Bank financialy strong hai, iski higher valuation ke liye governance par bharosa zaroori hai, jo ab sawalon mein hai.
Agar governance issues badhte hain toh Reserve Bank of India (RBI) bhi nazar rakh sakta hai, jisse regulations tight ho sakti hain. Bank ko yeh dikhana hoga ki woh is situation ko kaise handle karte hain aur performance kaise maintain rakhte hain, tabhi investors ka trust phir se jeet payenge aur share price ko support milega.