Indian stocks are trading at more than 28 times one-year forward earnings, close to the highest since at least 2005, according to data compiled by Bloomberg. Despite high valuations and the first economic contraction in four decades, foreign investors’ interest is not cooling. Global funds poured $22 billion into Indian shares this year, the most since 2012, driving indexes to fresh highs even as they pulled money from all other major markets in the region other than China.

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