The stock may remain volatile in the near term, in line with asset quality developments. Our TP is 718 (on an upgraded multiple of 2.5x Sept-20E ABV of Rs 287). Over FY16-18, AXSB has stumbled over several setbacks, namely (1) Corporate NPAs have blown up to 15%, (2) Very adverse Asset Quality Divergence reporting, (3) Several cases of non-compliance at branches during demonetization, and (4) The RBIs nudge to the AXSB Board to reconsider extension of the MD & CEOs tenure.