We continue to admire core operating performance and business franchise of Axis Bank. However, near-term headwinds clearly suggest relative underperformance compared its peers. Performance of Watch List accounts in 1QFY17 indicates tough time ahead for the Bank on assets quality front. We believe that the Bank will continue to witness elevated level of loan impairment along with higher credit cost, which will keep its earning profile and return ratio subdued over next 3-6 quarters. Hence, we reiterate our HOLD recommendation of...