Supply-demand dynamics remain challenging and credit conditions are expected to deteriorate amid current pandemic. However, recent interest rate cuts and government stimulus should provide some respite. We continue to see banks NPAs remain at high levels given high exposure to infra, NBFC and real estate sector. We lowered our FY20-22E estimates and value the stock at 0.32x FY22E BVPS, with a revised target price of Rs. 38 and continue to rate HOLD. Corona update and impact on industry...