# HSBC Securities has yet again downgraded India to underweight.

*fintech · news · 2026-04-24 · Republic World*

## Key points

- HSBC downgraded India to underweight from neutral on April 23, citing delayed earnings recovery.
- The downgrade is linked to rising oil prices from the Middle East war, up nearly 40% since February.
- HSBC expects post-election fuel price hikes in India, further stoking inflation and risking higher NPLs.
- Foreign investors have sold $18.5 billion in Indian equities so far in 2026, following $18.9 billion outflows last year.
- Concerns about AI's impact on India's software services sector are rising among international investors.

**Companies:** HSBC, Goldman Sachs, Nomura
**Countries:** India, United States, Iran, Hong Kong, Singapore, China, South Korea

[Read the full story on Republic World](https://www.republicworld.com/business/indian-stock-market-downgraded-by-hsbc-twice-in-a-month-heres-why)

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