Raamdeo Agrawal, Chairman of Motilal Oswal Financial Services, has built a reputation as one of India’s most respected equity investors. But even seasoned market veterans carry their share of regrets. Speaking to CNBC-TV18 at Motilal Oswal’s 30th Wealth Creation Study event, Agrawal recounted what he calls one of the “costliest mistakes” of his investing career — exiting HDFC Bank far too early.

Agrawal said he entered HDFC Bank with strong conviction in 1995, when the newly listed lender was trading at just ₹40 and carried an equity base of ₹200 crore. The stock, he said, was “available for under ₹1,000 crore” despite the institution’s management pedigree and the early signs of value shifting from state-owned lenders to private banks.

He accumulated five to six lakh shares, betting th

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