Stock has come down from 350+ in FY18 to 120 prior to raids…raids dealt a knock out. This one has been a real puzzle with only factual issue standing out is Goodwill and associated tax implications…mgmt has hinted in last con call as well so wasn’t unknown.
Brokerage houses are clueless as well…being second largest player in CRAMS… valuations are absurd…screaming buy at these levels…250+ institutions on concall yesterday including big pharma players…mgmt could do some buybacks…even if small amounts… unless they themselves are here to sell - willingly or otherwise