Foreign investors have dumped a record $33bn of Indian shares since October last year, equivalent to 1 per cent of India’s market capitalisation, according to Goldman Sachs.
The sell-off has ended India’s outperformance against Asian markets during the coronavirus pandemic when investors fleeing China hunted for other options in the region.
Fund managers have been retreating from riskier assets including Indian stocks as rising interest rates, slowing growth and geopolitical risk push people towards safety.
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