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HDFC Bank Share Price Target 2026: HDFC Bank came into the spotlight on Thursday following the resignation of its part-time Chairman, Atanu Chakraborty. The bank’s stock also came under sharp selling pressure after Chakraborty stepped down, citing concerns over certain internal developments that he said were not aligned with his personal values and ethics. This triggered governance-related worries around the country’s largest private lender.
On Thursday, shares of India’s largest private bank settled 5.1 per cent lower at Rs 799.70, after hitting an intraday low of Rs 772 earlier in the session.
Following the decline, several brokerages, including Bernstein, Citi, Emkay, and Nirmal Bang, issued stock recommendations, target prices, and largely bullish commentary. The brokerages see an upside of over 50 per cent for the stock from the current price level.
| Brokerage | Rating | Target Price | Upside % |
| Bernstein | Outperform | 1150 | 40.1 |
| Citi | BUY | 1200 | 50 |
| Nirmal Bang | BUY | 1210 | 51.3 |
| Emkay | BUY | 1225 | 53.2 |
Brokerages on HDFC Bank
Bernstein
Bernstein maintains an “Outperform” rating on HDFC Bank with an unchanged target price of Rs 1,150, implying an upside of 40.1 per cent from the current market price.
According to the brokerage, management indicated that the chairman’s resignation does not reflect any material concerns. The differences leading to the decision were described as minor and non-material, with no governance lapses or board-level disputes reported.
Bernstein believes that business continuity, operational stability, and long-term strategy remain firmly intact, with no expected disruption to performance or growth trajectory.
Citi
Citi maintains a “BUY” rating on HDFC Bank with an unchanged target price of Rs 1,200, indicating an upside of around 50 per cent.
The investment bank noted that the chairman’s resignation may create a near-term overhang. However, Keki Mistry has been appointed as interim chairman for three months.
Management reiterated that there are no material governance or operational concerns, emphasising a strong governance framework. While the resignation letter mentioned concerns over past practices, no specific issues were identified. The reappointment of the MD and CEO is due in October 2026.
Citi expects operating metrics to improve over the medium term, supported by stable management and continued business momentum.
Nirmal Bang
Nirmal Bang maintains a “BUY” rating on HDFC Bank with a target price of Rs 1,210, implying a 51.3 per cent upside.
Echoing similar views, the brokerage said that Atanu Chakraborty resigned as part-time chairman, citing certain past practices that did not align with his personal values. However, the RBI’s swift approval of Keki Mistry as interim chairman, along with management’s clarifications, helped ease investor concerns around governance and operations.
Nirmal Bang remains positive on the bank’s long-term outlook, driven by strong asset quality, a robust capital position, deposit growth, margin improvement potential, and expected merger synergies.
Emkay
Nirmal Bang maintains a “BUY” rating on HDFC Bank with a target price of Rs 1,225, implying a 53.2 per cent upside.
The brokerage noted that Atanu Chakraborty’s resignation was driven by ethical misalignment, while both the bank and RBI have denied any governance or regulatory concerns. Keki Mistry has been appointed interim chairman for three months.
The brokerage added that valuations appear attractive after the recent correction, although the stock may remain range-bound in the near term until better leadership visibility emerges. Organisational restructuring is likely, but management expects no impact on business momentum.
Bottom Line
Despite short-term pressure from Atanu Chakraborty’s resignation, HDFC Bank remains fundamentally strong, with brokerages maintaining bullish ratings, citing stable management, solid fundamentals, and significant upside potential over the medium to long term.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
