The main reason is that India banned all Cryto Currencies and their usage on Indian territory. Bitcoin was popular there due corruption and other factors.
India has banned the illegitimate use of Bitcoin and has stated that their stance is that Bitcoin is not legal tender.
Banned is overblown.
Tether and Bitfinex subpoenaed by the US a month ago news got recycled and hit yesterday which was worse than news from low volume India.
Indeed, the statement was twisted and exaggerated by the media. Banning is not wide-spread, it would only apply to illegal transactions. Cointelegraph wrote a good article about it -