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The rollback of the tax surcharge on foreign portfolio investors (FPIs) has failed to curb their selling spree, and they have offloaded equities worth more than Rs 4,000 crore since Monday.
Experts say concerns about a slowdown in the domestic economy, combined with fears of a global recession, have eclipsed the move to withdraw the surcharge.
“The immediate reaction of the market to the announcement has been a tad underwhelming. But this could largely be attributed to the slowdown in the economy, not to mention volatility in global markets,” said Bharat Iyer, head of India equity research at JP Morgan.
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