Axis Bank posted mixed performance for the quarter. While operational performance was in-line, the asset quality performance, especially the outlook therein deteriorated. This offset the optically stable headline asset quality. The addition to the stressed pool by ~Rs 10,000 crores, along with possible exposures to an entity in the Restaurant business (which will likely add to the above) is an overhang. As a result, the total non-NPL stress is now at 4% of loans. We believe these disclosures are likely to delay the RoE expansion...