India’s Stocks Decline First Time in Four Days; HDFC Falls
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India’s stocks fell for the first time in four days, led by lenders, amid concern recent gains may have outpaced the prospects for earnings.
Housing Development Finance Corp., the biggest mortgage lender, dropped the most in more than three months. The stock is trading at 32.4 times estimated earnings compared with 19.3 times for the benchmark index. ABB India Ltd., a power equipment maker, lost 1.1 percent after it was cut to “sell” from “hold” at Deutsche Bank AG, which cited an “expensive” stock valuation.