In the weeks following the market crash of March 2020 (Covid-19), the stock of Mahindra & Mahindra (M&M) traded close to its book value. At its lowest point, the stock was at 0.5 times sales. It's not common for the stock of one of India's largest conglomerates to trade at such a deep discount. But M&M had more than the pandemic to blame for investor apathy back then. M&M had been a laggard in new product launches for a while. You would also recall the stock of ITC becoming a meme-favourite during the pandemic. ITC had underperformed its peers long…