Shares of The India Fund Inc. dropped 10% today after the Indian Stock market took another beating. The Indian stock market started up about 600 points, however it quickly dropped over 10% causing the markets to shutdown for an hour. The Finance Minister urged investors to stayÂ invested in the market citing no change in Indias fundamentals and growth prospects and that FII (Foreign Institutional Investors) and Mutual Funds are currently buying.
My Take: Wait for a slight reversal before buying IFN/IIF. If you have some hold on.