On October 7, 2008, three weeks after Lehman’s collapse, we bought 8 percent of the company for INR 455 per share. This was a 23 percent premium to the prevailing stock price of INR 370 per share. We took a notional loss the very next day after our purchase. In fact, the stock price did not cross our buy price for six months, until April 2009. At the end of July 2022, Page was at INR 48,873, a multiple of 107 times our buy price. During this period, the Sensex went up 5.5 times.
