Market correction may last for a considerable time: Deepak Ramachandra

Deepak Ramachandra, head of sales, India Equities, Bank of America Merrill Lynch, says state elections are crucial and the outcome will give us important cues leading up to 2019 general elections

The markets have not been able to cling on to higher levels despite the government’s efforts to stem the rupee’s slide and find a resolution of the crisis at IL&FS. Deepak Ramachandra, head of sales, India Equities, Bank of America Merrill Lynch, tells Puneet Wadhwa that the pain in Indian equities is just starting. Foreign portfolio investors’ (FPI) money, he says, will not come in any big way till June 2019. Edited excerpts:

The fall from the peak levels has been quite sharp. From a year’s perspective, are these losses recoverable?

The losses have been sharp – perhaps sharper than what