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HSBC Securities has yet again downgraded India to underweight.
HSBC downgraded India to underweight from neutral on April 23, citing delayed earnings recovery.
KEY POINTS
- 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
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