FIIs have lost Rs 26,000 cr in a month

Foreign funds' holding in Reliance Industries alone declined by Rs 3,980 crore

The value of foreign institution investors' (FIIs) holding in Indian stocks has been eroded by Rs 26,000 crore over the last one month with 992 points decline in Bombay Stock Exchange's (BSE) sensitive index.

This is based on a study of 525 companies in which FIIs held stake as on March 31, 2004. The study, however, assumes that their stakes have remained unchanged.

The total market value of FIIs holdings in 525 stocks has eroded from Rs 1,56,432 crore on April 22, 2004, to Rs 1,30,432 crore on May 21.

They were the largest losers in Reliance Industries. The market value of the FIIs stake in the company declined by Rs 3,980 crore from Rs 17,973 crore to Rs 13,992 crore.

They held 22.6 per cent (31.60 crore equity shares) stake in Reliance as on March 31.

The stock has fallen more than 22 per cent from Rs 568.75 to Rs 442.80 in the last one month.

FIIs that made heavy investment in public sector undertakings (PSUs) both in the secondary market as well as in primary offers were slammed by the fall of the National Democratic Alliance (NDA) government.

The total market value of FIIs' holdings in 38 PSU stocks "" including banks "" declined by Rs 8,696 crore from Rs 33,680 crore to Rs 24,984 crore in last one month.

In ONGC alone, the value of FII holding has been eroded by Rs 1,561 crore "" from Rs 7,489 crore to Rs 5,928 crore. They held 6.09 per cent stake in the oil and gas major as of March end, after the government made an public offer for Rs 750 per share.

The stock price has declined by 21 per cent from Rs 682.60 on April 22 to Rs 862.40 on May 21.

In GAIL India, FIIs held 10.86 per cent in March. Here, the value of their stake has declined by Rs 622 crore.

In Hindustan Petroleum Corporation (HPCL), total wealth of the FIIs has been eroded by Rs 1,268 crore. The comparative figure in BHEL is Rs 856 crore, BPCL Rs 751 crore, MTNL Rs 355 crore and Indian Oil Corporation Rs 226 crore.

In banking, the fall in the State Bank of India share hit them the hardest. The market value of their stake has eroded by Rs 850 crore after the stock fell by 22 per cent from Rs 655.85 to Rs 514.85.

In Oriental Bank of Commerce, the FIIs wealth has declined by Rs 331 crore, Bank of Baroda by Rs 261 crore, Canara Bank by Rs 161 crore and Union Bank of India by Rs 152 crore.

In ICICI Bank and HDFC, the FIIs wealth has been eroded by Rs 1,045 crore and Rs 1,019 crore, respectively, over the last one month.

In technology major Infosys Technologies, where the FIIs held 41.82 per cent stake in March, the market value has been eroded by Rs 1,279 crore.

The value of FII holding in Tata Motors, ITC, Larsen & Toubro, Hindalco, Reliance Energy and Maruti Udyog has declined by over Rs 500 crore each in the last one month.

And in Satyam Computer Services, Tata Steel, Zee Telefilms, Grasim Industries, Bharti Tele-Ventures, IPCL, Ranbaxy Laboratories, Hero Honda Motors and Tata Power declined was more than Rs 250 crore each.