India's equity markets may have taken a beating, but valuations tell a different story. The Nifty has fallen 10 percent so far in 2026 while the Nifty 500 index has lost 5.4 percent, yet despite the sharp correction and significant underperformance relative to global peers, Indian stocks remain among the most expensive in the world — with more names now trading at stretched multiples than when markets were at their very peak.