Tata Investment Corporation: Unusual discount to NAV

Does anybody know what’s happening here? Is this sustainable?

Disc: no positions. Just curious.

15-17% from Treasury operations? Are you sure about these returns?

I was checking MF returns of tier-1 AMCs and all of them are delivering 18-20% CAGR (for large caps). Treasury works just like your typical fund house. So yes I’m reasonably sure average returns on cash and equivalents should be in that range.