There may be cockroaches in merged HDFC NBFC entity which has now come into a more regulated environment. Its very difficult to grow your loan book at past rate with current book size and if you try to maintain that rate then you are bound to fail. Market is very clever and had anticipated all these thing 3 year backs because of which there is hardly any return from HDFC stock.
My belief is that with the current size of HDFC we should moderate our growth expectation and accordingly valuations.
Discousre: Invested with tracking position
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