I no more hold NDL but here are my two cents.
Dolly khanna’s purchasing price is most probably from 60+ levels as I had purchased the stock before any big name was involved with the company. If I recall correctly, DK first appeared in the SHP in march 2015.
The big issue here is the debt levels. Also the business is quite capital intensive. One can own it purely on basis of growth potential but expecting rerating from these levels seems a little far fetched.
Disclosure:- held NDL in the past from 57 levels. Booked around 170 levels. Do not consider this as a recommendation to buy/sell
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