We can come up with many reasons for how good the bank is. The truth is even the market is not ready to accept the numbers of HDFC Bank which reflects in the huge underperformance in the stock price for the last 2 years despite 40% growth in the advances and profit. The. The bank is getting bigger and bigger in size and so is the risk. Hence it may not command the P/B of 4 it used to. Or the market even reduce the valuation multiples.
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