New Delhi, June 16 -- Foreign portfolio investors (FPIs), typically seen as market movers, had a surprisingly muted impact on Indian equities in 2025, despite pulling out substantial funds from the exchanges. Over the past six months, including June, they have alternated between buying and selling but largely chose to stay on the sidelines in most months.

So far in 2025, FPIs have pulled out Indian equities worth $10.6 billion, according to Bloomberg data-the highest outflows among Asian peers. Taiwanese stocks ranked second in overseas investor sell-offs, with outflows of $10.04 billion, followed by South Korea, Indonesia, and Malaysia.

Despite the record FPI sell-off, the Indian stock market has managed to outperform most of its globa...