Financials, IT, energy see highest FPI selloff in last fortnight of Sept

Financials, information technology (IT), and energy stocks accounted for 80 per cent of the Rs 20,000-crore plus selloff by foreign portfolio investors (FPIs) during the last fortnight of September.

Overseas funds dumped Rs 7,008 crore worth of shares of companies in the financial services sector, while IT stocks worth Rs 5,201 crore were sold, according to data collated by primeinfobase.com.

The selling dragged the BSE Financial Services index by 4.7 per cent in the last two weeks of September.

FPIs have the highest sectoral allocation to financial stocks, at 31.64 per cent. Analysts said that the rise in inflation and