India’s stock market is facing a steep downturn, with the BSE Sensex plunging over 15% from its September 2024 peak, erasing ₹94.5 lakh crore in investor wealth. Foreign Institutional Investors (FIIs) have withdrawn ₹1 lakh crore from Indian equities this year, fueling concerns over market stability. In an exclusive conversation with Business Today Executive Director Rahul Kanwal, ace investor Shankar Sharma offers insights into the ongoing market turmoil. He warns that this downturn may not be a short-term correction, highlighting past crises like 2000 and 2008, where recoveries took time. Unlike the COVID crash, which was resolved through rapid rate cuts, this market slump could take months or even years to stabilise. With corporate earnings under pressure and investor sentiment shaken, is this just a phase or the start of a prolonged bear market?