Many companies have stratospheric PEs, recently listed (Jio) to those expected to turn-around (Eureka Forbes) to those growing furiously and expected to grow fast (Sona/KPIT) and those at the bottom of a cycle to those representing flavour of the season (defence/power/railways).
As the earning builds up, PE will come down, is the expectation from a rising from the ashes entity.
Also, people are exuberant with low denominations/penny stocks.
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