Biggest India Fund Holds Cash as CIO Deems Stocks Overvalued
- The Nifty’s valuation is among the world’s most expensive
- Equity issuances will soak up most of the domestic liquidity
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Indian equities are overvalued as earnings grow slower than expected and a relentless supply of shares from large initial public offerings and stake sales by promoters soak up liquidity, according to Rajeev Thakkar, Chief Investment Officer at PPFAS Mutual Fund.