Prime Minister Narendra Modi’s government was elected last year to implement radical reforms to open up and boost the economy, reduce bureaucratic waste and induce greater transparency. Investors responded enthusiastically by buying equities and economic activity surged.
Lower commodity prices also helped. The Tata conglomerate, which has businesses in almost every major domestic industrial sector as well as extensive international interests, benefited from this highly-charged positive environment.
The Tata family, No. 3...