Banks, IT account for 93% of the Rs 2 trillion selloff by FPIs the past yr

FMCG, construction materials were among other sectors to see large outflow, while metals, power, discretionary consumption and telecom saw inflows

Foreign portfolio investors (FPIs) have sold shares worth more than Rs 2 trillion during the past 12 months in what is their highest selling velocity since the Global Financial Crisis (GFC). A closer analysis of their selling patterns reveals financials and information technology (IT) account for more than 90 per cent of FPI outflows seen since June 2021.

Financials have seen FPI selloff of Rs 1.1 trillion, while IT has seen selling of over Rs 76,000 crore.

Following this, the assets under custody (AUC) of FPIs in the financial sector stood at Rs 12.8 trillion this June, down from Rs