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Global volatility is threatening a pipeline of multibillion-dollar stock market listings in India, the world’s busiest IPO market.
Payments app PhonePe’s move on Monday to halt its listing plans has underscored a growing strain in the country, as investor appetite weakens amid the fallout from the Middle East conflict.
Indian benchmark indices have dropped more than 12% since January, with most of the decline occurring in recent weeks as the Iran war triggers energy and trade supply shocks that risk slowing growth and hurting corporate earnings.
The rupee’s slide against the dollar
