Market may dip 10-15% this month: Jeff Chowdhry

Below is the edited transcript of his interview to CNBC-TV18. Also watch the accompanying video.

Q: Post GDP figures, do you see FIIs pulling out funds from markets like India?

A: I feel FIIs may pull out of India as there is no respite from the external environment like Greek election, slowdowns in India, China, Brazil and some other countries, weak economic outlook and little stalled recovery in the US.

Q: Do you think there might be larger scale of risk-off in June and how much price damage markets like India still have on the cards?

A:  This month will be volatile due to upcoming Greek elections on June 17. Yields' going up is adding pressure to Spain. Considering all these factors there is a possibility that market could go down by another 10-15%.    

Q: Are people viewing the current market as a buying opportunity or is there no conviction right now in buying the market at 15% cheaper?

A: There is no conviction. Falling oil price is one silver lining in the case of India which is good news for India's current account deficit and the rupee on a longer-term basis. At some point the market will focus this aspect. I am afraid at this point in time it is all about Europe, India and China and few other markets is a bit of a sideshow.

Q: Are you expecting ECB monetary policy meeting on June 6 to pull a rabbit out of their hat or is it just full hardy to expect anything at this juncture?

A: I don't expect anything significant on June 6. I think there will be more pressure on Spain and some other countries well below that. Around 97 billion euros of capital was out of Spain in the first three months of the year and in March alone, 66 billion of capital was out of Spain, this amount of outgo of capital for a big country like Spain is not sustainable and something needs to be done quickly. There are rumors that we may get a European-wide deposit guarantee scheme, but at the moment we have nothing.