You were wise and made the right call here, @dd1474. I should have exited too when you wrote this. They do seem to be losing market share in the Hindi heartland even though their results have been good in Q4 due to the advertising revenue boost (excluding the large provision made). This has been a good lesson on being more cautious about taking bets when terminal value and management issues are greater than perceived undervaluation. They have stopped doing earnings calls for the last three quarters too, which is also a signal of deeper issues. Maybe I will get lucky and get a decent exit at some point as I am not under pressure to sell. Let’s see. Irrespective of what the outcome is, I see this investment now as a process mistake.
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