tramp readlink slowdown on find-file

Hi while opening a file in tramp, I'm experiencing immense slowdown,
20+ seconds to open a file.
In the debug buffer I found readlink status check to be consuming ~12
seconds. Any idea what could be causing this?

21:22:47.919689 tramp-sh-handle-file-truename (4) # Finding true name
for ‘/ssh:host:/a/b/c/xyz.md’
21:22:47.920152 tramp-send-command (6) # \readlink
--canonicalize-missing /a/b/c/xyz.md 2>/dev/null; echo
tramp_exit_status $?
21:22:59.722106 tramp-wait-for-regexp (6) #
/a/b/c/xyz.md
tramp_exit_status 0

My tramp related configuration:

  (setq tramp-ssh-controlmaster-options
        (concat
         "-o ControlPath=\~/.ssh/control/ssh-%%r@%%h:%%p "
         "-o ControlMaster=auto -o ControlPersist=yes")
        tramp-default-method "ssh"
        tramp-default-remote-shell "/bin/zsh"
        remote-file-name-inhibit-auto-save-visited t
        remote-file-name-inhibit-cache nil
        remote-file-name-inhibit-locks t
        tramp-verbose 1
        tramp-remote-path '(tramp-own-remote-path)))

Thanks for your wonderful work Michael, the emacs community appreciates it!

Prashant