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India’s biggest banks are piling on the losses, and investors are loving it

India’s biggest banks are piling on the losses, and investors are loving it

The Indian banking sector is in a curious situation: Some of the country’s biggest banks are reporting losses, yet stock markets are rewarding them. The State Bank of India (SBI), India’s largest lender, reported a 38% decline in its net profit in the July-September quarter of financial year 2018. Given the decline, one would have…