Set for a retreat: We reiterate our SELL rating on the stock with reduced target price at Rs 1150 2.5x FY20 P/B(earlier Rs 1430 3.1x FY20 P/B). The stock trades at 57% premium to the long term average (~ 7 yrs P/B 1yr Fwd.) of ~ 2.3x and we believe is yet to factor in a relatively weaker return profile as we factor in deeper pressure on spreads, moderation in AUM growth and guarded optimism on the anticipated operating leverage.