Shares of HDFC Bank continued to tank on Tuesday going down over 3% to hit a new 52-week low of ₹1,425.

What Happened: Investor sentiments around stock have remained dampened ever since the lender’s December quarter results failed to meet street expectations. In the last five sessions, shares of the bank have sunk close to 15%.

However, brokerages seem to be still strongly bullish on the stock. At least 13 brokerages from across the board have a positive rating on the stock. Domestic brokerages Motilal Oswal, ICICI Direct, Axis Direct, KRChoksey, Prabhudas Liladhar, Kotak Securities, BOB Capital Markets, and Sharekhan all have a buy rating in HDFC.

Jefferies, CLSA, Morgan Stanley, and Berstein, also reiterated their positive stance on the stock.

While the brokerages acknowledged the lukewarm performance in the December quarter, they showed hope that the company is likely to bounce back. The company’s management has also suggested that NIMs will improve gradually over the coming years, which along with an improvement in operating leverage will enable the bank to deliver healthy return ratios.

Price Action: HDFC Bank’s share price was down 3.08% to trade at ₹1,433.30 on Tuesday afternoon.

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