Shares of HDFC Bank dropped 2% on Thursday to hit a fresh 52-week low after a securities lawsuit in the US was reportedly filed against India's largest private lender and two senior executives.HDFC Bank shares dropped to Rs 710 apiece on Thursday, marking more than 30% fall in a little over 10 months since hitting a 52-week high of Rs 1,020.50 apiece in October last year. The bank’s market capitalisation slipped below Rs 11 lakh crore.US lawsuit against HDFC BankJwalant Natvarlal Soneji, an HDFC Bank investor, filed a securities fraud class-action complaint earlier this month in the US District Court for the Southern District of New York against the private bank, alleging that the lender made false and misleading statements, Mint reported.HDFC Bank responded to the claims, stating that it believes the lawsuit is without merit and the private bank intends to vigorously defend itself, according to the report. This adds to the string of worries that have been weighing on HDFC Bank’s shares recently.HDFC Bank shares saw a sharp selloff in March this year after its former part-time Chairman Atanu Chakraborty resigned, stating that some practices within the bank were not matching with his personal values and ethics. The stock lost 12% in three days after his resignation on March 18, leading to a massive share sell-off that wiped off around Rs 1.6 lakh crore from the bank’s market value in just three sessions. The private lender then took several measures to address concerns.The shares of the private lender sharply recovered some of the losses after a strong Q1 business update, all of which however were wiped off after its actual quarterly results. The heavyweight stock hitting fresh record lows is dragging down major indices as well as mutual funds.A group of investors who bought Carlisle's life settlement product through HDFC Bank's Dubai operations are meanwhile set to write to the Prime Minister's Office (PMO) this week, alleging mis-selling, substantial losses and years long denial of redemption, The Economic Times reported.Also read | Carlisle Investors to approach PMO over alleged HDFC Bank mis-sellingWhat lies ahead for HDFC Bank share price?Recently, Jefferies’ Global Head of Equity Strategy and emerging markets bull Christopher Wood removed HDFC Bank along with PB Fintech’s PolicyBazaar from his India long-only model portfolio, replacing them with Multi Commodity Exchange of India (MCX) and Lenskart Solutions in a shift toward exchange infrastructure and retail.Goldman Sachs earlier this month initiated coverage on HDFC Bank with a ‘Buy’ call and a target price of Rs 861 apiece. Goldman Sachs noted the bank’s core-PPOP inflection driven by margins and operating leverage, along with attractive valuations. The brokerage initiated coverage at 'Buy' on compelling valuations, despite expecting further downside earnings revisions. Nomura and Motilal Oswal Financial Services also have ‘Buy’ calls on the shares of HDFC Bank.Technical view on HDFC Bank share priceHDFC Bank shares have broken below its important support zone of Rs 725–720 on the weekly chart, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities. “The stock is currently trading below key moving averages, indicating weakness in the broader trend. RSI is declining and approaching the 30 mark, pointing towards strengthening bearish momentum. The DI- remains above the DI+ on the ADX indicator, highlighting the bears’ strong control over the bulls,” the analyst explained.The next crucial support for the stock is placed around the Rs 685–680 zone, Shah said, adding that a breach below this level could trigger fresh weakness. As long as the stock trades below the Rs 765–770 zone, the overall trend is likely to remain bearish, he added.HDFC Bank share priceHDFC Bank shares have dropped over 3% in a month and 28% in 2026 so far, with the stock falling around 27% in one year.In the longer term, HDFC Bank shares have delivered negative returns of 9% over three years and 8% in five years. The stock currently has a P/E ratio of 14x.Also read | These 19 Indian stocks turned into tenbaggers in 5 years: Peter Lynch’s rules to find the next(With inputs from agencies)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)