A 10% decline and yet India’s more expensive than EM peers

India's stock valuations, as indicated by the price-to-earnings (PE) ratios of the Sensex and Nifty, have eased following a nearly 10% drop over the past three months. For example, the Nifty's current PE ratio is now below its 10-year average. However, India's valuations still remain higher than those of its Asian and emerging market counterparts.