Basically because of this:
India's Finance Minister Arun Jaitley said the country wants to "eliminate" the use of digital currencies in criminal activities, signaling tighter regulation in the country.
I think the plans of India to regulate digital currencies are not having
an impact on the BTC price at all. Korea and China were different, because
both were big markets with several big exchanges and a lot of trading volume.
On the other hand there is not a single Bitcoin exchange in India that
has a volume that would show up in the top exchanges at Coinmarketcap.
The current price is simply caused by money moving out of the market after the
2017 bull run. The introduction of Bitcoin futures was the top for now and
now we will face a prolonged bear market.