In the pandemic-stricken year of 2020, ITC NSE -0.56% was India’s most loved and hated stock. In the year 2022, the shares of Facebook parent company Meta appear to be evoking equally wildly divergent feelings on Wall Street.

One group of investors finds the valuation irresistible while others are unwilling to spare the Mark Zuckerberg-led tech giant for earnings miss and burning billions of dollars in metaverse “misadventure.” The stock is currently trading at a PE multiple of less than 10 times after 68% drop from its 52-week high.

When investors complained about ESG issues in the cigarette industry and the conglomerate’s diversification into hotels and FMCG back in 2020, ITC was similarly abandoned by bulls.

At a unitholders’ meeting last week in Mumbai, Rajeev Thakkar, the manager of the Rs 27,000 crore Parag Parikh Flexi Cap Fund, claimed that “It (Meta) is the ITC of 2022.” The value investor had the guts to purchase ITC for Rs 140 in March 2020, at the height of pessimism, and he endured a protracted period of underperformance until the tide changed in 2022.

The top money manager has also been a Meta shareholder, but he is unable to purchase the drop because of Sebi limits on foreign investments. The fund management gave off the impression that investors who stick around long enough will profit from Meta, regardless of whether its massive gamble on the Metaverse project succeeds or fails.

“The corporation isn’t, in my opinion, overvalued. Facebook and WhatsApp both have strong growth. Instagram is still alive despite some market share being snatched by TikTok “explained Thakkar.

Investors have also noticed Zuckerberg’s cost-cutting initiatives after a macroeconomic slowdown, more competition, and a loss of ad signal caused revenue to be substantially lower than anticipated.

Investor interest in Meta stock has suddenly increased on the fintech website Vested Finance, which enables Indians to invest on Wall Street.

“Tech continues to dominate the top 25 most traded companies on our platform. Following Q3 results, big technology stock trading has dramatically increased, “Vested Finance’s co-founder and CEO, Viram Shah, told ETMarkets.

Meta was harmed by the recent tech crash on Wall Street, but so were other powerhouses like Amazon and Google.

Dollar-cost averaging, which entails buying a certain quantity of stocks at predetermined intervals (such as weekly or monthly) in order to gradually reenter the market, is regarded by analysts as a potentially successful tactic.

“Investors who have more cash than their long-term plan calls for, whether because they sold during a market slump or for other reasons, should try to bridge the gap and invest while making the most of dollar cost averaging,” Shah said.

Bulls in Meta are predicting that the stock would revive as ITC did subsequently, whether they are in the US or India.