Downgrade to *SELL* by all brokerage houses

_Punjab National Bank_

                           TP

Nirmal Bang.     92

Religare.            100

Ambit.                110

UBS.                    110

Q3 NII  down 9% YoY

Q3 Other Income higher 50% YoY

Q3 NP down 207cr vs 559 QoQ vs Bloomberg 613cr

Q3 Income Tax 11cr vs 229cr

Stock looks manipulated ( that headline Asset quality stable)

Treasury Income should be much lower in Q4

Should fall