01 June 2020 - 22:30The Indian stock market’s honeymoon with Prime Minister Narendra Modi’s government is under strain.
Today, the economy as well as equity values are sinking. Economic growth slumped to an 11-year low even before the full onset of coronavirus, and Bloomberg Economics projects a 25% contraction in the three months through to the end of June. Stock values have shrunk by a quarter, or $543bn, as India takes a bigger knock than some other countries badly affected by the pandemic, including the US, China and France.
Moody’s Investors Service cut India’s credit rating on Monday to the lowest investment grade, citing chronic issues with growth and policy rather than temporary shocks.Modi swept to power in 2014 as Indians looked for a dynamic leader to revive the economy and reduce corruption. His first term was praised for several reform measures including a new bankruptcy law.
It’s not that things have suddenly turned sour because of the coronavirus, though that was a major shock. Indian companies have failed to meet earnings expectations since October 2014, months after Modi’s ascent to power. Now they are missing forecasts by 23%, after reporting the biggest earnings miss in a decade earlier this year.
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