 "exit")
Foreign portfolio investors (FPIs) have taken a two-track approach this year: pulling money from listed equities while quietly investing in initial public offerings (IPOs) and other primary market deals like rights issues and qualified institutional placements. This has blurred the true extent of their selling in domestic markets so far.
On paper, FPIs have sold a net ₹84,027 crore (around $10 billion) in 2025. But nearly ₹34,664 crore ($4 billion) of that has gone into primary market offerings, according to data from the National Securities Depository.
Strip that out, and FPIs have actually offloaded close to ₹1.2 trillion ($14 billion)
