India's large caps stuck in 'bygone economic era', says Bernstein, as foreign investors head for the exit

Bernstein reports that India's large-cap companies are stuck in outdated business models, deterring foreign investors who have sold a record $26 billion in Indian equities this year. While India's economy grows rapidly, large caps lag in innovation and growth compared to mid- and small-cap firms, which show stronger earnings but lack scale for big institutional investment.