# Two global brokerages have downgraded India amid rising oil prices and persistent supply-side disruptions.

*fintech · news · 2026-04-24 · The Hindu Business Line*

## Key points

- JP Morgan downgraded Indian equities to Neutral citing valuation and earnings risks versus EM peers.
- HSBC downgraded India to Underweight, highlighting vulnerability to imported energy prices and inflation.
- Both brokerages flagged ongoing aggressive equity issuances in India diluting investor returns.
- Renewed inflation and higher oil prices could raise non-performing loans and threaten projected 2026 earnings.

**Companies:** JP Morgan, HSBC
**Countries:** India, USA, UK

[Read the full story on The Hindu Business Line](https://www.thehindubusinessline.com/money-and-banking/jp-morgan-hsbc-cut-india-ratings-on-oil-inflation-concerns-despite-strong-long-term-outlook/article70901147.ece)

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