Valuations remained relatively elevated despite the correction. India traded at 22.2 times trailing twelve months earnings, compared with 17 times for the UK, 17.2 times for Germany, 11.9 times for Hong Kong and 19.4 times for China. It was, however, cheaper than the US at 27.7 times, Japan at 25.9 times, and Taiwan at 30.8 times.
