ASSET MANAGEMENT - Dethroned by a decimal

When CalPERS, one of the world's most powerful institutional investors, revealed it had downgraded India in February, eyebrows were raised around the world. After all, India is supposedly a reforming character, a corporate governance disciple with a soaring market. Yet, as Chris Wright reports, hundreds of millions of dollars of investments rest not on a deterioration in India's fundamentals but largely on a Santa Monica consultancy's policy on whether to round up decimal points.