Total FPI July outflow crosses Rs 11,000 cr

After 16 straight sessions of selling, Foreign Portfolio investors (FPIs) have pulled out a total Rs 11,000 crore from Indian equity markets in July with the sharpest day sell-off coming on Tuesday.

FPIs offloaded Rs 2,607.97 crore worth of scrips on Tuesday according to the BSE provisional data. FPIs have been in a selling mode since the Budget proposed a tax on the super-rich, adversely affecting the 40-50 per cent of FPIs, who come in through the trust route.

The selling further intensified following Finance Minister Nirmala Sitharaman's denial of roll-back of the controversial tax last week. IANS