Global investors bet $45 bn on Modi's India. Now they are reversing it

International money managers are starting to fall out of love with Narendra Modi

After pouring $45 billion into India’s stock market over the past six years on hopes that Modi would unleash the country’s economic potential, international money managers are now unwinding those wagers at the fastest pace on record. They’ve sold $4.5 billion of Indian shares since June, on course for the biggest quarterly exodus since at least 1999.

“The euphoria around Modi before 2014 has tapered off,” said Salman Ahmed, the London-based chief investment strategist at Lombard Odier Investment Managers, which oversees about $52 billion.

It’s hard to fault investors for losing faith. India’s economic growth has decelerated for five straight quarters to