Photographer: Sam Panthaky/AFP via Getty Images

A 1,000% Stock Rally Fades as India Defense Revamp Sputters

  • Zen Technologies soared on Modi goal of military modernization
  • Slower pace of government orders weighed on shares this year

A fizzling boom in the shares of India’s Zen Technologies Ltd., a designer of military simulators, shows how expectations of a rapid improvement in the nation’s armed forces are ebbing.

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