Adani, Tata Profit Misses Add to Alarm Over India Stocks Outlook
- Citigroup, HSBC Holdings have reduced earnings estimates
- Foreigners have sold Indian shares for record 22 straight days
This article is for subscribers only.
A deepening slowdown in corporate earnings is fueling fresh concern over India’s $4.1 trillion stock market, and threatening to undermine Prime Minister Narendra Modi’s latest efforts to revive growth.
Citigroup Inc. and HSBC Holdings Plc are among banks that have cut profit forecasts as the latest earnings from some of India’s top firms, including Adani Enterprises Ltd. and Tata Motors Ltd., trailed estimates. Local brokerage JM Financial Ltd. expects the benchmark NSE Nifty 50 Index’s earnings to grow less than 5% this fiscal year, the slowest pace since the pandemic. Some strategists say even that forecast may be too optimistic.