Jefferies LLC has removed India’s most valued lender HDFC Bank Ltd. along with ICICI Bank Ltd. from its Asia ex-Japan long-only portfolio on concern the world’s biggest lockdown may trigger a negative credit cycle for the nation. “This continuing lockdown is, unfortunately, making it ever more inevitable that India will suffer" a negative consumer lending cycle, Chris Wood, head of equity strategy, wrote in his “Greed & Fear" note to clients. “There is also a growing risk of increased forbearance on local lenders, as there is for lenders everywhere." Jefferies will now hold only one private Indian bank, Kotak Mahindra Bank Ltd., while adding local drugmaker Cipla Ltd.