Each conducting loop rotates clockwise about the fixed point O. The uniform magnetic field exists only in the shaded half-plane x > 0. As the area of the loop inside that region changes, so does the magnetic flux — and Faraday's law turns that changing flux into an induced current.
The field is present only for x > 0, so the flux is B times the part of the loop area that lies inside the shaded half-plane.
A steadily growing overlap gives a constant current. A fixed overlap gives zero current. A shrinking overlap reverses the sign.
Different boundaries cross the y-axis at different times. That geometry creates the plateaus, gaps and reversals seen in List-II.
Therefore the correct option is (C): P→3, Q→2, R→1, S→4.