The networth of PEL is 30k.
The market could think that there will be more NPAs going forward, which could have an impact on their networth/equity. This could be one of the reason. Also they dont have retail lending experience, they acquired DHFL for the same and strengthened management team and also started to venture in lending outside of real estate and building that business, market may not have confidence that PEL could scale this business meaningfully without impacting networth.
These could be some reasons in my opinion for the Mcap to be lower than networth.
Disc: invested
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