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The absence of clarity on the new company’s areas of operation and strategies, going into an unfamiliar and highly competitive space, has left investors confused.

Telecom and retail both continue with their ‘hit and miss’, while O2C delivers an unsurprisingly poor performance in Q4. This is a year RIL will be glad to see the back of.
Its lending business is doing the heavy lifting while payments and asset management lag, raising questions over its full-stack narrative.
Telecom and retail, which account for half the conglomerate’s revenue and most of its valuation, aren’t accelerating fast enough to justify their price tags.