HDFC Bank, Axis to Kotak Bank: Why did ICICI Sec downgrade these top private lenders? Explained
Bank stocks: Dalal Street darlings HDFC Bank, Axis Bank, and Kotak Mahindra Bank have just been downgraded by leading domestic brokerage ICICI Securities from 'Buy' to 'Add' as it sees limited upside amid weaker near-term performance expectations, especially around earnings growth.
According to the brokerage, these private banks will see near-term weakness in net interest income and profit after tax along with weak credit growth, thus pressuring the lenders.
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