India Stocks Decline on Valuation Concerns; Financials Lead Drop
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India’s benchmark stock index fell from a record amid concern the rally that made the shares Asia’s most expensive was excessive in relation to the outlook for corporate earnings.
HDFC Bank Ltd., the third-biggest, dropped for the first time in eight days, leading a decline in financial stocks. Power Grid Corp. of India Ltd., the biggest transmission company, declined the most in more than six months after saying it will sell shares to some investors at a discount.