It is valid argument but somehow other listed entity like Mazagon Dock is played well with higher stake of promotor holdings with above 80% and true that although it’s a PSU stock, undoubtedly doing good with a strong moat, business should have strong moat to perform well in consolidated market. And I believe, factors like pharma sector, geographic tensions, and most importantly thematic downtrend is the factor here rather an higher stake of promotor holding.
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