In the last year, Yatra Online Ltd has had a rather uneven journey on the stock chart. It moved from around Rs 84 to nearly Rs 180-190 at its peak, only to give back a large chunk of those gains and settle closer to Rs 110-115 levels today. That is a sharp round trip for a business that, in fact, has continued to report growth. Over the past year, the stock has been up roughly 30%. But if you look at it from a year-to-date lens, it is down about 40%. That tells you something important. The market has gone from rewarding the story to questioning parts of it. Well, some parts of it obviously, This is usually where things get interesting. Because when price moves like this while the business continues to grow, it is rarely about whether the company is doing well. It is about whether the growth is translating into something more durable, more predictable, and more valuable over time. So the real question is not whether Yatra is growing, but whether that growth is of the kind that can reward investors from here.…