The Indian equities, the most expensive in Asia, saw valuations decline as stock prices fell amid liquidity worries in the debt market, rising fuel prices and a weaker rupee.
One-year forward price-to-earnings multiple of 216 stocks—excluding financials—tracked by at least 10 analysts fell more than 3.5 percent, according to Bloomberg data. Industrials led the decline, while energy stocks bucked the trend.
That came as the Nifty 50 Index lost more than 2 percent in the last five sessions, since non-bank lenders plunged last Friday amid liquidity worries triggered by a string of defaults by IL&FS. A 3.43 percent jump in Brent crude since then and a depreciating rupee only added to the negative sentiment.
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