With India's earnings season delivering a deceptively mixed scorecard and consensus growth estimates looking dangerously optimistic, BofA Securities India MD and Head of Research Amish Shah is making a pointed call of ditching IT to buy infrastructure.
In a market where 19 months of flat returns have already tested retail investor patience, Shah warns the reckoning may not be over. "The bear case implies below-average valuations on realistic earnings of 8.5%, which brings you to roughly 12% downside from current levels," he said in an exclusive interview with ET Markets.
