Valuation gap: ONGC trails Zomato in market cap despite holding assets worth 1/3rd of its valuation; analysts flag undervaluation

India’s oil giant ONGC, valued at Rs 3.10 lakh crore, now trails food delivery firm Zomato and other companies in market capitalization. Analysts point to deep undervaluation, as ONGC’s significant stakes in subsidiaries alone exceed a third of its market cap. Despite strong profits and dividends, investor perception bias is cited as a key reason for this disparity.