New Delhi, Sept. 30 -- After topping the list of emerging market (EM) economies for four straight months, India was dethroned by China in August, as weak stock market and currency performance offset the boost from robust GDP growth and manufacturing activity, Mint's latest emerging market tracker showed. India slipped to second place with a composite score of 57.5, just behind China's 58.4.

India was the worst performer among peers on both stock market capitalization and currency movement. Market capitalization fell 2.1% month-on-month, while the rupee depreciated 1.6% against the dollar. Even so, a strong GDP growth of 7.8% in April-June, a manufacturing purchasing managers' index reading of 59.3, and export growth of 6.7% kept India ah...