Your point is certainly true. There is always a doubt regarding a government company that what will the government do! Just see the oil PSUs!! They had to pay extra taxes for supernormal profits, but all losses are for the company to bear (like the petrol and diesel price freeze causing 20-30k cr losses to ioc/hpcl/BPCL) 
It’s true but at certain point the stock became to undervalued to overlook!! Like when it was quoting at 105-120 range by oct 2022.
It’s dividend has consistently risen and it was quoting at dividend yield of 10 percent at 105 (and 9 percent at 120) which was going to increase further. It was just distributing 25 percent of earnings! Psu or no psu we can see it was strictly better than FD. The same arguments can’t be made today. The dividend yield is 5 percent now, lower than 7.5 percent we can get easily in banks, I am not going to buy it as I am already carrying half the shares I bought at an average of 118
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