Foreign institutional investors (FIIs) have never owned less of India's biggest companies in two decades and that under-ownership is now colliding with valuations that have fallen below long-term averages, setting up what some fund managers call a stock-picker's contrarian moment.
Average FII ownership across India's top 10 listed companies has fallen to just about 34% of free-float market capitalization, the lowest level in two decades and even below the 37% trough hit during the Global Financial Crisis, according to data from DSP Mutual Fund.
