Wipro is struggling to grow (+2.9% YoY in FY19) whereas larger peers are clocking double digit growth rate. BFSI, which was the key revenue driver for Wipro is witnessing slowdown. Issues such as (1) Completion of large projects (Consumer), (2) Delay in decision making (BFSI, Manufacturing) and (3) Deferral in ramp-up of large projects is impacting growth. The soft guidance for 2QFY20 indicates that the lag is entrenched. Margin expansion is difficult and the buyback trade is over. Wipro has underperformed in last 3M (-8% vs NIFTY IT -3%) and the trend will continue unless growth revives. We expect USD revenue growth of 3.0/5.4% and IT services EBIT% at 18.1/18.3% for FY20/21E. Wipro trades at 14.7x FY21E EPS (in-line with Tier-1 median), which is rich considering its growth profile. Our SELL stance is driven by the weakness in core growth metrics and execution challenges. Risk to our thesis include improved US/Europe macro and INR depreciation. We maintain SELL on WIPRO, post weak 1QFY20 and tepid guidance for 2Q. Wipros revenue growth remains the lowest in tier-1 IT. In view of growth challenges, peaking margins and taxation on buyback we further cut our target multiple. Our TP of Rs 220 is based on 12x (vs. 14x earlier) Jun-21E EPS.