AXSB posted a particularly weak 2Q with (1) A sharp crack in asset quality, as slippages shot up to 10% ann. (2) So far only ~39% of the FY16 watchlist has slipped, pointing towards more upcoming stress, (3) A 900bps decline in coverage even after provisioning tripled sequentially, (4) Additional SDR and 5-25 of Rs 8bn and (5) Opex growth of 6% seq.