FPIs sell $3.2 bn in 21 days in July, IT shares see $2.3-bn outflow

FOREIGN PORTFOLIO INVESTORS (FPIs), after being net purchasers in four consecutive months, which extended to July 10, reversed positions and net sold stocks worth $3.2bn during the rest of the month.

- NESIL STANEY

FOREIGN PORTFOLIO INVESTORS (FPIs), after being net purchasers in four consecutive months, which extended to July 10, reversed positions and net sold stocks worth $3.2bn during the rest of the month. Of the total $2.9 billion net selloff in July, IT shares accounted for $2.3 billion, a staggering 80%.