Foreign portfolio investors (FPIs) offloaded Indian equities worth 288.52 billion rupees ($3.51 billion) in January, the most since June, data from National Securities Depository Ltd. showed.
Analysts cited multiple reasons - the uncertainties due to a sharp selloff in Adani group stocks after a Hindenburg Research report flagged concerns over the conglomerate's financials, expensive valuations of Indian shares over their global peers, reallocation of funds to China and Taiwan for their relatively cheaper valuations, and Beijing's reopening, easing COVID-19 controlsForeign investors sold the most in financials, offloading 152.
04 billion rupees of shares, followed by 75.96 billion rupees in oil and gas and 27.77 bln rupees in consumer durables.The sharp selloff in financials came after a Jan. 24 report by well-known U.S. short seller Hinderburg alleged stock manipulation and unsustainable debt on Adani group companies. Since then, the conglomerate saw more than $100 billion wiped off its market value. The group refuted the allegations, saying the report is "baseless and motivated.
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