The Economic Times

HDFC Bank is winning the mutual fund vote over ICICI Bank. Can the shift last?

HDFC Banks stock has fallen 27% in 2026, while ICICI Bank has gained 1.6%. Yet mutual funds have increasingly favoured HDFC Bank, adding to the laggard while trimming ICICI Bank. By August-end, ICICI Bank remained the larger mutual-fund holding, but the recent flow pattern signals a shift in preference as investors assess HDFC Banks valuation and recovery potential.