New management under the leadership of Mr. Ravneet Gill has embarked into a full blown kitchen sinking exercise. Bank has reported its biggest loss of Rs15bn in Q4FY19 attributable to elevated credit cost along with contingency provision. Lower credit growth, compression in NIMs and reversals in fee income could not provide help either. Management has highlighted additional stress of Rs100bn still standard. Management is targeting ROA of 1% by FY22. We have cut our earnings by 43% for FY20. We roll forward our valuations to FY21 and downgrade our rating to SELL with new target price...