India’s stock market has been in a freefall this year, and while the country’s long-term growth story is alluring, observers suggest that investing there could be dead money in the shorter term.

The Bombay Stock Exchange Sensei Index, or Sensex, has tumbled 24 per cent since it peaked at 20,869.78 points in early January. Yesterday, it finished at 15,832.55 points.

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