yes, this may be the reason.
i want to add one more point.
when company got listed in 2020. It got listed at 66 times of earnings and within 6 months P/E was around 130.
As per my analysis, Any company which is growing at 40-45% growth rate should be given 60 times to earning in bull case and in base case 50 times is good. But route is at 130 times of earnings.
So, P/E contraction started.
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