HDFC's Q3FY19 AUM growth has slowed down to 15% as against 17% last quarter and 19% in corresponding quarter last year. Such a slowdown is attributable to muted growth of 8% in non-individual segment and growth of 17% in individual segment. Spreads are steady at 2.26%. PAT (9% below expectations) is not comparable on YoY basis as Q3FY18 includes gains from stake sale of life insurance subsidiary of Rs52.5bn. GNPA increased 9bps sequentially to 1.2% largely due to deterioration in non-individual segment. We have cut our net loan growth for FY19 to 15% as against 17% earlier. We have cut our earnings estimates by 2.5% for FY19/20. Given the recent rally in the stock...