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FPIs get jittery, withdraw Rs 37,976 cr in March so far

Foreign portfolio investors (FPIs) have withdrawn a whopping Rs 37,976 crore on a net basis from the Indian markets in March so far amid the coronavirus pandemic triggering fears of a global recession.

FPIs get jittery, withdraw Rs 37,976 cr in March so far
Representative image

New Delhi

Overseas investors pulled out a net sum of Rs 24,776.36 crore from equities and Rs 13,199.54 crore from the debt segment between Mar 2-13, depositories data showed.

This translates into a total net outflow of Rs 37,975.90 crore during the period under review.

Prior to this, foreign investors were net buyers for six consecutive months since September 2019.

“The spread of coronavirus outbreak, which has now been declared a pandemic, and continued slowdown in the global economy, has created a vicious cycle which is consuming investors worldwide,” said Himanshu Srivastava, senior analyst manager research, Morningstar Investment Adviser India.

Global markets reeled last week after the World Health Organization (WHO) declared the coronavirus outbreak a pandemic, and expressed deep concern over the “alarming levels of inaction”.

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