The underperformance has been persistent. Since January 2025, MSCI India has trailed both Asia and Emerging Markets in 13 of 20 months. India did regain some ground in June and July, gaining 0.8% and 2.3%, respectively. But that momentum faded in August: through 27 August, India fell 0.7%, while Asia rose 2.9% and Emerging Markets gained 3.4%.
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