Valuations of India’s largest private banks are below or around their 10- year averages after the recent underperformance, offering an ‘attractive’ opportunity for investors, according to DSP Mutual Fund. The Price to Book (PB) ratio—a key valuation measure—of three out of the four private lenders HDFC Bank, Axis Bank and Kotak Mahindra Bank are between 1.8 times and 2, which are lower than their 10-year averages. ICICI Bank’s PB ratio at 2.6 times is on a par with its decade average.“Without pencilling in any re-rating, large private banks present an attractive opportunity for investors today,” said DSP in a note. “More price decline will make them more attractive.”