Sandeep Singal of Emkay Global told CNBC-TV18, "Our analyst has downgraded the earnings of HDFC Bank in view that the bank is not able to raise capital and is not willing to raise capital at this price point. On the back of its reliance on short term loan from market more than deposits, so our analyst has reduced its earnings by about 15 percent. The stock has already been discounted."
"Our most preferred pick within the private banking space is HDFC Bank and that would remain inspite of Yes Bank correcting. So we will still prefer HDFC Bank."
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