JSW Steel near highs, Jindal Holdcos down 37-59%: Value buy or value trap?

JSW Steel is trading close to its 52-week high. Yet two debt-free Jindal family holding companies that own big blocks of it have fallen over 45% from their record highs. Each is now worth less on the market than its JSW Steel stake alone. Is this a bargain, or a discount that is here to stay?