Mumbai: Foreign institutional investors (FIIs) have turned aggressive sellers in Indian equity markets due to the outperformance of the Hong Kong index Hang Seng.

As per the provisional data from the National Stock Exchange (NSE), foreign investors have pulled out around $2.9 billion (Rs 24,000 crore) from the Indian markets so far in May. It is the worst selloff among Asian markets. Foreign funds have been selling Indian equity during all the sessions except two. This is the biggest FII outflow in the Indian market since January 2024.

So far in May, Sensex and Nifty have given returns of 0.9 per cent and 1.25 per cent respectively. During this period, other markets in Asia like Hong Kong have given returns of 5.8 per cent, Japan 1.2 per cent, Korea 1.1 per cent, Taiwan 1 per cent, and Jakarta 0.3 per cent.