Markets may have crashed, justifying some recent high-profile exits by leading private equity players from Indian companies, but their pullouts may have cost them a few billions, at least notionally. Some number crunching by ET shows that although global PE majors like Warburg Pincus, Baring, ChrysCap and Citigroup Venture Capital have made big profits from their Indian investments, they would have pocketed a few billions more had they held on to their shares for a little bit more. And this is exclusive of the dividend money which would have accrued to them while they were holding the stock. Given the spectacular bull run over the last couple of years in the Indian stock markets, the value of the listed firms rocketed sky high. While some PE funds timed the market right by exiting at a price with a fair degree of profits in Actis-Punjab Tractors, IDFC Private Equity-Hotel Leela Venture, many others made huge losses from their early exits, notionally speaking. Take Warburg Pincus’ investments in Bharti Airtel. This has been the most valuable exit by any PE firm in the country till date. The PE firm had invested Rs 1,300 crore in 1999 in the telecommunication company. Subsequently, through various partial exits, it made a phenomenal Rs 8,496 crore, or $1.9 billion, at the time of the final exit, taking home more than six times its original investment. […]