A $23 Billion Stock Drop Shows India's Rising Water Risks
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Few expected India’s science minister to cut the monsoon outlook as he unveiled a weather forecasting system on June 2. The surprise contributed to a 1.5-trillion-rupee ($23 billion) two-day slump in the nation’s equities.
The rupee also slid as Harsh Vardhan’s prediction of weaker rainfall stoked concern that reduced farm output may hurt the economy. The episode is the latest example of growing water risks for investors and companies in India.