India’s stock market capitalisation fell below the $2 trillion mark for the first time in six months, triggered by the selloff on Dalal Street in July that led to an 8.8 per cent erosion in investor wealth during the month. The country’s total value of all listed stocks dropped to $1.97 trillion on Friday, slipping below Europe’s biggest economy Germany as foreign investor sentiment has soured following the increase in tax surcharge on many of them and a slowdown in the economy. 
India first entered the $2 trillion market cap club of eight countries in May 2017. After slipping briefly in February, market value rebounded to an all-time high of $2.24 trillion on June 4 on hopes that the Bharatiya Janata Party-led government with a strong majority in Parliament would unleash measures to revive the economy and end the malaise that has gripped nonbanking finance companies (NBFCs).