Foreign institutional investors (FIIs) have spent the past two years wiping out almost nine years of buying in Indian stocks, leaving cumulative FII equity flows since October 2015 virtually unchanged. From October 2015 till now, foreign investors recorded net equity flows of approximately minus $110 million. That means nearly $63.6 billion of selling since October 2024 has erased the $63.5 billion accumulated during the preceding nine years.
The reversal has intensified in 2026. Foreign investors have sold $32.8 billion in Indian equities so far this year, following $18.9 billion of outflows in 2025. March 2026 saw the biggest monthly withdrawal at $12.7 billion, followed by $6.5 billion in April and $5.2 billion in June.
