Just HDFC Bank. There are no sectoral concerns per se. However I tend to stay away from any Financial institution with P/B of >3x. Happy to ride if I hold but wont add at those levels. However with regulatory tightening (maybe for the right reasons) its difficult for any institution to have any serious competitive advantage over others to justify premium valuations. It will eventually boil down to Cost of Funds, Technology and good underwriting standards cum execution.
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