HDFC Bank shares crash 5%, wipe off Rs 70,000 cr from investor wealth. Why Jefferies, Nomura, others see up to 28% upside?

HDFC Bank shares fell 5% in intraday trade, wiping off about Rs 70,000 crore from investor wealth, after the lender reported Q1 FY27 net profit of Rs 19,060 crore, up 5% year-on-year, broadly in-line with estimates. Net interest income rose 7% YoY to Rs 33,534 crore, gross NPA fell over 3% YoY to Rs 35,846 crore, though net NPA edged up to Rs 12,357 crore. Despite the price drop, brokerages Jefferies, Nomura, Anand Rathi and Motilal Oswal maintained Buy ratings with target prices of Rs 950 to Rs 2,050, implying 16-28% upside.