Billionaire Buffett Fan Says Stock Boom for Elite Hurts India

For years, billionaire Raamdeo Agrawal has been one of India’s biggest bulls, predicting as recently as June that the benchmark stock index will more than triple over the next decade.

The advocate of Warren Buffett’s value investing who chairs one of India’s biggest brokerages, is now sounding a more cautionary tone, concerned that the concentration of stock winnings in the hands of a few is holding the economy back. That risks extending Indian stocks’ underperformance versus emerging-market peers, after they lagged the cohort by the most in three decades last year.