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One of the surprising developments of the last few months has been the relentless selling by foreign portfolio investors or FPIs. These global funds have been selling between Rs 2,000 and 6,000 crore a day, and since October the pace seems to have accelerated. After the Russian invasion of Ukraine and the spike in oil prices, we have seen daily sale figures in excess of Rs 7,500 crore ($1 billion). Since October, FPIs have sold over $26 billion worth of stocks (net $20 billion).
This $26 billion is the largest selling ever seen in India. Even in 2008, in the midst
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