Sunny
D/E ratio in case of financial stocks do not matter and should not be looked into so much
I would suggest that you read warren buffet take on how he values financial stocks as he is in the past and even today the biggest investor of financial stocks especially banks – he suggest to always look into ROA and then ROE over long term – ROA should always be greater than atleast 1.5 over time and ROE >15 % on sustainable basis
As for pledging of shares I have highlighted this in my thesis – its a small issue looking at credibility of Rashesh Shah – am overlooking into it
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