Economics
A $45 Billion Bet on Narendra Modi’s India Is Unwinding
- Global investors offload Indian stocks as the economy slows
- The $2 trillion market is losing its valuation premium
Narendra Modi
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
Global investors are starting to fall out of love with Narendra Modi.
After pouring $45 billion into India’s stock market over the past six years on hopes that Modi would unleash the country’s economic potential, international money managers are now unwinding those wagers at the fastest pace on record. They’ve sold $4.5 billion of Indian shares since June, on course for the biggest quarterly exodus since at least 1999.