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A crumbling distribution network and whimsical decision-making combine to bring the insurer to a sorry pass. A failure to take hard decisions hereon can only make the situation worse.

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.