However, it warned that the development could lead to some valuation multiple compression, adding that an improvement in performance metrics would be key to offset the impact. The brokerage now values the core banking business at 2.2x FY27 estimated book value per share, down from 2.4x earlier. Earlier on Friday, CNBC-TV18 had reported that HDFC Bank has terminated Sampath Kumar, Group Head of Branch Banking, along with two other senior executives over their alleged involvement in the mis-selling of Credit Suisse's additional tier-1 (AT1) bonds. The other two executives include Harsh Gupta, Executive Vice President for the Middle East, Africa and NRI onshore business, and Payal Mandhyan, Senior Vice President. Both had been suspended since January last year pending the outcome of an internal probe linked to the Dubai branch.