HDFC Bank shares fall 2% to fresh 52-week low, tumble 30% in 10 months. What lies ahead?

HDFC Bank shares fell about 2% to a fresh 52-week low of around Rs 710, marking over 30% decline from its October high of Rs 1,020.50 and pushing market capitalisation below Rs 11 lakh crore. Headwinds include a US securities fraud class-action lawsuit, the March resignation of Atanu Chakraborty citing ethics concerns, and a group of Carlisle investors planning to approach the PMO over alleged mis-selling through the lender's Dubai operations. Despite some brokerages maintaining Buy calls (Goldman Sachs target Rs 861, Nomura and Motilal Oswal also positive), Jefferies' Christopher Wood removed HDFC Bank from his India long-only model portfolio, and technical indicators point to further weakness with next support around Rs 685-680.