FPIS WITHDRAW $6.4 BILLION IN JAN-MAR QTR

Foreign investors turned net sellers in March quarter and pulled out $6.4 billion from the Indian equity markets largely due to the Covid-19 outbreak and ensuing risk-averse environment, a Morningstar report said. In comparison, foreign portfolio investors (FPIs) bought net assets worth $6.3 billion in three months ended December 2019. FPIs were net buyers in January ($1.71 billion) and February ($265 million). They, however, went on a selling spree in March as they sold net assets worth $8.4 billion. “The uncertainty over gravity of pandemic’s impact on global economy triggered a flight to safety,” the report noted.