Oil & gas space looks undervalued: Prashant Jain

Prashant Jain, ED & CIO of HDFC Asset Management told CNBC-TV18, "It is true that the diesel subsidies are more likely to become zero now and markets are slowly pricing that in and these companies are trading at sharp discounts to their replacement cost, to their book value even in terms of PE multiples, if subsidy burden is not there PE multiples would be quite low. So I would say the both upstream and downstream to my mind is undervalued."

At 11:06 hrs Bharat Petroleum Corporation was quoting at Rs 410.90, down Rs 4.40, or 1.06 percent.

The share touched its 52-week high Rs 428.45 and 52-week low Rs 256 on 16 May, 2013 and 06 August, 2013, respectively.