HSBC downgrades Indian shares to 'underweight' citing risks to growth

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SummaryBank says after recent bounce, India looks relatively expensive and is most exposed to growth adjustments.

HSBC downgrades Indian shares to "underweight" from "neutral", citing the recent rally and downside risks to growth.

The bank says that after the recent bounce, India looks relatively expensive and is most exposed to growth adjustments.

HSBC adds that it expects GDP forecasts to decline and earnings growth forecasts to follow.

Related: HSBC Emerging Markets Index: India posts sharp fall

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