"Asset quality is one key aspect that needs to be watched out for all private sector banks, not only HDFC Bank."

Most analysts are of the view that the stock remains best in class and have a ‘hold’ rating with marginal upside from current levels.

"HDFC have a good proportion of current accounts as well in their portfolio. So CASA of around 45% is what we expect is maintainable."

Shares of HDFC Bank Ltd remained muted even though the country's number three lender reported 30 per cent increase in its Q4 net profit.