RBL Bank Limited

“RBL Bank earns 5% ROE against 12%+ cost of equity, has no competitive moat, carries 7x contingent liabilities to equity, and is led by a management team with a track record of RBI intervention, serial dilution, and fraud. The Emirates NBD acquisition at 1.14x book offers 39% upside vs 47% downside — unfavorable asymmetry with no margin of safety. This is neither a quality compounder nor an attractive risk-arb. Capital is better deployed elsewhere.”