Why do most prices end in 99 in India?

According the Sellingnomics Issue 1 : Charm Pricing ~50 % of online stores in India (that they analysed) do indeed have their prices end in 9.

The reason is due to the psychological pricing effect of charm pricing and prices ending in 9 are very popular rounding technique to make prices look lower than they are.

You can read all about charm pricing at Sellernomics Charm Pricing issue