Record FPI exodus throws a shadow on stock markets

Foreign investors are souring on India's stock market, selling a record amount of shares amid signs the South Asian nation's post-pandemic economic boom is losing steam.

Global funds pulled out more than $10 billion on a net basis in October, helping drive the benchmark stock index toward a so-called technical correction. Sustained foreign investor outflows could act as a drag on near-term stock performance, according to Citigroup.