Caught between divulging views, HDFC Bank stock closes in the red

US-based Bernstein slashes rating to underweight, almost halves target price; UBS maintains positive stance

On a day when the leading indices recovered by 5.75 per cent, HDFC Bank, an index heavyweight in the BSE Sensex and CNX Nifty was as exception. After falling 7.85 per cent in intra-day trades, the stock closed in the red – down 1.4 per cent reacting to a bearish research note published by US-based Bernstein.
 
For most of the week gone by, HDFC Bank stock was under pressure which intensified on Wednesday, when it plunged by over 10 per cent on NSE, marking the steepest single-day fall in a decade. The same night, HDFC Bank’s American Depository Receipt