It'll be a positive surprise if earnings grow in FY21, says Jigar Shah

Further fall will depend on whether the coronavirus (Covid-19) situation lasts beyond May-June 2020

With the country mid-way through the lockdown triggered by the rampant spread of coronavirus, Jigar Shah, chief executive officer, Maybank Kim Eng Securities, tells Puneet Wadhwa that industry expects a gradual opening up after April 14. Slowly, supply chains would resurrect and then as demand picks up, the capacity utilisation can again become normal, he says. Edited excerpts:

Can the markets slip more before they stabilise?

This is a different type of crash, which affects both real and financial economy. It doesn't help that before this unnatural and unexpected crash, valuations were at an all-time high in the US and many other