Reed Capital Partners fully liquidated its Indian portfolio about a month ago on the grounds that India lacked a high-quality investment narrative, and the growth story was gradually fading. The foreign shareholding ratio of companies listed on the National Stock Exchange of India fell to a 17-year low, and India has now become the least popular market in Asia. The Indian stock market is expected to have a price-earnings ratio of about 17.6 times, and the valuation is significantly higher than other emerging market peers. Affected by this, foreign investors made a net sale of about 25 billion US dollars of Indian stocks this year, transferring capital to other markets.

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