Modi Promise Succumbs to Earnings Reality as Stocks Slide
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Indian stock investors’ year-long infatuation with Prime Minister Narendra Modi is coming to an end.
After surging about 40 percent in the 12 months through February, the benchmark S&P BSE Sensex index sank 4.8 percent in March for its biggest retreat in 25 months. Strategists are cutting forecasts for the equity gauge for the first time in six quarters, while estimates for fiscal 2016 earnings have dropped by 4.7 percent since the end of December.