From the best to worst, India's stock market sets off alarm bells

After withdrawing money to start the year, foreign investors have only dipped their toes back in, with $117 million of inflows in February so far

Two months ago, it was Asia’s hottest stock market. Now, investors are shunning it.

India has wiped out $113 billion in value this year after winning the regional equity crown in 2018. Uncertainty surrounding upcoming elections, an ongoing debt issue, a government that’s making greater demands on the central bank and high valuations have kept investors on the sidelines.

“The outlook is not very bright inside here, and all the sunshine is outside as of now,” Jayant Manglik, president of Religare Broking Ltd., said from New Delhi.