# 11 Years, Zero Net FII Flow

> Foreign investors erased 9 years of equity buying with $64 billion outflow.
- Title: 11 Years, Zero Net FII Flow · The Economic Times | Shortify
- Summary: Foreign investors erased 9 years of equity buying with $64 billion outflow. Foreign institutional investors sold $64 billion in Indian equities over two…
- Keywords: fii, equity, outflow, nifty, indian, foreign, investors, stocks, market, money, business, Years
- Source: The Economic Times — https://economictimes.indiatimes.com/markets/stocks/news/11-years-zero-net-fii-flow-how-a-64-billion-outflow-erased-9-years-of-equity-buying/articleshow/135039441.cms
- Author: Nikhil Agarwal
- Published: 2026-10-19T04:15:00+00:00
- Read time: 1 min
- Topics: fii, equity, outflow, nifty, indian, foreign, investors, stocks, market, money, business
## Foreign institutional investors
Foreign institutional investors have spent the past two years wiping out almost nine years of buying in Indian stocks.
## Net equity flows since October 2015
Cumulative FII equity flows since October 2015 are virtually unchanged at minus $110 million.
## Nine years of buying erased
Nearly $63.6 billion of selling since October 2024 erased the $63.5 billion accumulated during the preceding nine years.
## 2026 outflows
Foreign investors sold $32.8 billion in Indian equities so far this year following $18.9 billion of outflows in 2025.
## Monthly withdrawals
March 2026 saw the biggest monthly withdrawal at $12.7 billion, followed by $6.5 billion in April and $5.2 billion in June.
## Deteriorating investor conviction
Higher US Treasury yields, a stronger dollar, elevated oil prices and concerns over India’s relative returns drove the shift.
## PL Capital analysis
Amnish Aggarwal of PL Capital said India was unlikely to attract significant foreign money with the US Treasury rate at 5.3%.
## Sector selling
Financial services, autos and oil and gas faced the heaviest foreign selling in 2026 with $12.2 billion, $4.1 billion and $3.9 billion outflows.
## Large-cap underperformance
Foreign investors focused selling on large-cap-heavy sectors, contributing to relative underperformance of large-cap equities.
## Domestic absorption
Domestic institutions invested $8 billion while foreign investors sold $4.1 billion in September.
## Key takeaway

Foreign institutional investors sold $64 billion in Indian equities over two years, wiping out nine years of net buying.