Aswath Damodaran says India’s market is most expensive: ‘Can’t justify paying 31x earnings’

In his recent blog post, Damodaran argues that India’s pricing metrics are unsustainable and put investors at risk. “The most expensive market in the world is India, and no amount of handwaving about the India story can justify paying 31 times earnings, 3 times revenue, and 20 times EBITDA, in the aggregate, for Indian companies,” Damodaran wrote.