Not long ago, emerging markets were seen as economic stars, thriving in the face of recession in the developed world.
But now, the BRIC nations are threatened by high debt, inflation and political upheaval—and experts say those risks could negatively affect the bottom line of some multinationals.
In addition, rapid depreciation in emerging market currencies makes multinationals' products and services less competitive with those of local businesses.
So which companies could get hit?
(Read more: Just what can save emerging markets?)
American Tower, Cummins, Mosaic and Peabody Energy, do business in India, touted as a hot developing market until fairly recently and now dealing with galloping inflation and a widening current account deficit.