Stock price when the opinion was issued
Inflation is rising in India because of oil imports, plus strong US dollar. All Indian banks have been falling. With typhoons and people moving to online banking, they’re scrambling. Not the time to be stepping into EM. They’re cheap, but they could be getting a lot cheaper. EMs are twice as risky as NA and European.
He has had this bank for a number of years and likes the country from a demographic point of view. The country has the fastest growth rate even over China. The Indian banking system keeps getting overhauled.