Duff & Phelps’ fifth edition of its “Industry Multiples India” report for the quarter ended September 2018 provides a detailed overview of the market multiples of companies in 22 major industries in the S&P BSE 500 Index. P/E multiples for most of the industries in India analyzed declined from June 30, 2018, to Sept. 30, 2018, demonstrating market correction in the quarter, the report says. Apparel, media, real estate, and independent energy and renewable electricity industries witnessed a significant decline in P/E multiples as compared to other industries. Multiples in IT services and infrastructure, IT software, and the pharmaceuticals and biotechnology sector increased due to weakening of the rupee and multiple strategic deals in the pharmaceuticals industry.