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A project of our size needs at least a few hundred million dollars per year to keep going,” Mr. Durov wrote in his public channel on Telegram late last year. β€œWhile doing that, we will remain independent and stay true to our values, redefining how a tech company should operate.

However, analysts are positive on the stock now. β€œWe have seen a huge downside movement in the stock due to the central electricity regulatory commission’s (CERC) order that seems to be negative from 2014-15 onwards but we cannot take a linear negative view on the stock and further downside movement on the stock is unlikely. Currently stock is underpriced. Investors can bet on it for a longer horizon," said Vivek Gupta, director research at CapitalVia Global Research.

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