Axis Bank (AXSB) witnessed pressure on asset quality as it fully recognised the impact of asset re-classification, as per RBI?s directives. G/NNPAs bumped up, but only ~30/27bps QoQ to ~1.7/0.75%. Half the slippages (Rs 20.8bn, 2.7% ann.) owed to the regulators directive. AXSB refinanced four ACs of Rs 16bn under 5:25 and implemented SDR of Rs 5bn.