It is not that strange, when company keeps a lot of cash in its books, market would start wondering what management will do with it (as assumption is that this business does not need much cash) and more often than not, they will misallocate though I do not have any proof. Just give you one more example, Just Dial (even after Reliance bought stake around 1025/share and became major shareholder >60%), it has 3800 crs and market value is 4800 crs but it has large business (before corona, it had operating profit 200 crs).
Thanks!
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