Reserve and surplus puzzle

Oil india has ~28K crore reserve, and debt of ~10K crore, holds 5% stake at IOC valuing ~10K crore at cmp. Which means excluding the asset value market cap of the company should be more than 28K crore, but the stock has been trading well bellow that for extended period of time in 2016 and 2017 . What is the reason behind it? And its reported consolidated book value is 368, it should a lot higher considering the value of all its assets.

Btw the company generates decent profit and has very good dividend record.

You need to understand that there are multi-facets of the company for an investor (or the market) to have a vested interest, Like the underlying value of the business - how far has in performed quite recently - how well it will do in near to long-term in future.
These are the figures on screener for Oil India

Market Cap.: ₹ 24,442.05 Cr.
Intrinsic Value: ₹ -492.15
Consolidate PAT decline from March 2013: ₹ 3592.05 Cr. to March 2017: ₹ 1596.56 Cr.
PEG Ratio: -1.46

Hope these figures place the price of the stock where it deserves to be?

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