Foreign Portfolio Investors (FPIs) withdrew ₹32,963 crore from Indian equities in May 2026, due to weak earnings growth and rupee depreciation, as per NDSL data. This brought the total FPI outflow to ₹2.25 lakh crore this year, higher than the ₹1.66 lakh crore outflow in 2025. FPIs were net sellers in 2026, except in February, when investments reached ₹22,615 crore.