Brokerages see 25-74% upside for HDFC Bank after Anup Bagchi appointment

Brokerages were positive on Anup Bagchi’s appointment as HDFC Bank’s new managing director and chief executive officer, saying the leadership change could restore investor confidence and pave the way for a stock re-rating after a prolonged period of underperformance.

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Price targets from five brokerages suggest an upside of 25-74% from Monday’s closing price of Rs 705. Analysts, however, said the new CEO’s strategy, current management continuity and execution would be key.


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HDFC Bank shares, which rose 2.1% in early trade, gave up their gains and ended 2% lower on Monday.