Even as a historic wave of foreign selling has restructured ownership across the broader market, a clutch of large-cap names including HDFC Bank, ICICI Bank, Bajaj Finance, Bharti Airtel and GMR Airports Infrastructure remain dangerously exposed. In these stocks, foreign institutional investors (FIIs) still dominate the shareholder register while domestic institutions have largely refused to step in, leaving them acutely vulnerable if outflows intensify.
Jefferies has identified at least 15 stocks where the foreign-to-domestic institutional shareholding ratio remains above 1.5 times as of March 2026, with no meaningful reduction in that gap over the prior 12 months.
