New Delhi, Nov. 12 -- HDFC Bank is once again drawing attention from investors, but the key question is whether its recent recovery marks the beginning of a sustained turnaround or merely a rebound after months of underperformance.

HDFC Bank shares are staging a strong comeback, rising in 8 of last 10 sessions, after months of pressure from governance concerns, leadership uncertainty and lacklustre operational performance.

The country's largest private sector lender has had to contend with concerns over corporate governance, leadership continuity, deposit mobilisation and pressure on margins. With a management transition underway and its latest quarterly performance offering some signs of improvement, the focus is shifting towards wheth...