India's $2 billion state stake sales buck equity market slowdown

The Indian government raised Rs 185.6 billion (about $2 billion) by trimming holdings in six state-owned firms in the quarter ended June, its largest quarterly divestment haul in recent years. Key sales included Coal India and NHPC, together contributing over $1 billion, accounting for nearly one-fifth of total secondary equity sales during the quarter. The divestments come amid a muted 2026 equity market, with the Nifty 50 down almost 9 percent in the first half, as the government relies on PSU stake sales to bolster non-tax revenue.