RE:What am I missing?No one cares about this stock (or India) right now - its so thinly traded.
I've held for a few years now and have continued to buy as the price has dropped well below book value. The stock value is well below the value of BAIL airport, which I think is an awesome investment, and then you get the rest of their investments for free.
It's trading as if their public investments are going to zero, which is obviously not the case. I think over time this will get back to trading at 1.0 - 1.3 x book.