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The Sandeep Bakhshi-helmed private lender has moved swiftly to grab a bigger slice of the corporate loan action, posing a threat to what was once HDFC Bank’s bastion.

Aggressive expansion, continued dependence on its parent for business, and an adverse shift in the product mix weigh on profitability as well as investor sentiment.
The beleaguered lender outperformed larger rivals—and itself—on several metrics in FY26, but one-offs and a still weak retail engine keep its investors on edge.
Atanu Chakraborty’s resignation does not appear as damaging as the bank’s response to it. The ‘all is well’ narrative needs an independent audit.