Consensus earnings estimates high and need to be toned down: Mishra

Neelkanth Mishra believes the earnings estimates for FY17 and FY18 should see increased downgrades

Neelkanth Mishra, managing director - equity research, at the Indian arm of financial services multinational Credit Suisse, believes the earnings estimates for FY17 and FY18 should see increased downgrades. Edited excerpts of a talk with Sheetal Agarwal:

What is your outlook on the markets for 2017?

India has underperformed over the past two months by 10-11 per cent in dollar terms. Within Asia, we are the only ones to see a fall in foreign flows. The MSCI India price to earnings ratio (PE) is actually trading at a discount of one to two per cent to the MSCI, versus the