Bitcoin is down because India has going to make a law that will make bitcoin trading illegal and criminal, with prison for the ones who are doing it.
1.5 Billions of People and the Economy that has the most grow in the world (9%) out of the crypto, that's huge, even if 99% doesn't know what a Bitcoin is.
the "news" has been saying India is banning bitcoin for nearly a year now and nothing has happened yet. not to mention that these types of news have gotten old already, they repeated it so many times for China that nobody cares about it anymore.
as for the 1.5 billion people, since they weren't trading on regular exchanges and were either trading OTC or in their own Indian exchanges, their existence in the market and their absence won't affect the price at all.