Our earnings estimates fall by 6% over FY20-22E, with slower growth, higher NPAs and credit costs. IIB's significant slips on asset quality, broader macro stress and the upcoming leadership change preclude lofty valuations (our target multiple has been 3.5x 1 yr-fwd ABV for over seven years). We are constrained to reduce this to 3.0x for now. With its top-drawer pvt banking franchise is intact, even if challenged, we believe IIB has the capability to pull back from this slip. A smooth leadership transition amidst the stress buildup will help immeasurably. Most other boxes are ticked. Maintain BUY. IIBs 2QFY20 was mostly inline. Several operating parameters (NIM, deposit growth and C-I) were stable. However, slower growth and evident stress build-up (higher slippages and SMA II) raise concerns. Maintain BUY with a TP of Rs 1,904 (3.0x Sept-21E ABV of Rs 635).