Hi Ranvir, Could it be the market perception of not so perfect Corp governance?
Historically Reliance has always traded at a EV/EBIDTA multiple of around 11; it had gone up post the liquidity boom post pandemic which seems to have corrected now.
Refining business seems to be taking a hit across entire industry maybe due to the ongoing geo political conflicts… Afterall India is dependent on outside oil to refine.
Check BPCL’s recent quarterly results… its now trading at 2.3 EV/EBITDA
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