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Add to this acquisition of NXT DIGITAL, which is a loss making high debt company of promoters.
Also, HGS core business is in D2H like installation of setup box, which is a decli ing industry in itself.
Plus, that whole market will be destroyed by JioFiber and others in competition. So their core business has no intrinsic value.

The share price has been stabilised largely due to retail people buying shares to participate in buyback arbitrage. But promoters are using this qs wonderful opportunity to delay the buyback as much as possible, and offload their shares on to them.
You can even see promoters have slowly been selling the stake in it. Public shareholding has itself rose by 2% in the last 3 months. Even the employees are selling. You can check latest shareholder data yourself. So the company does not deserve a PE ratio of more than 10 in the best case.

In other words, quarterly EPS is high single digit =9Rs. Approx
So share price should be 9×4×10 =360Rs.

And if you see, this is the price below which the company was traded usually, before 2020 and even after 2020.
Only the prices were boosted up to 1400+ to trap retail people in excuse of buyback and dividend.