Foreign investors pull out Rs 6,000 cr in July as selling spree continues

Overseas investors have been on a selling spree this month. Month-to-date (MTD) they have pulled out Rs 5,673 crore from domestic equities, being net-sellers on 11 out of the 13 trading sessions.

They have been on an unbroken selling streak since the Union Budget, spooked by increase in income-tax surcharge, taxes on buybacks, and lack of stimulus to prop up the economy.

The government has proposed to levy a surcharge of 25 per cent on incomes between Rs 2 crore and Rs 5 crore and 37 per cent on income above Rs 5 crore. While the higher surcharge