HDFC Bank shares: Jefferies sees 64% upside, says stock trades at 10-20% discount to ICICI, Axis & KMB

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Jefferies said HDFC Bank trades at 1.6 times estimated FY27 adjusted book value, which is at 20 per cent discount to ICICI Bank Ltd and 10-20 per cent discount to Axis Bank Ltd and Kotak Bank.