
FPIs cut stakes in HDFC Bank, Reliance since 2022; bet on Paytm, Eternal

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Foreign portfolio investors (FPIs) have diversified their investments in Indian equities since 2022, increasing the number of stocks with over 1% stake from 900 to nearly 1,300. However, overall FPI ownership has declined from 20% to 15%, primarily due to significant selling in large-cap stocks like HDFC Bank and Reliance. Despite this, FPIs have increased stakes in high-growth sectors, with notable investments in Eternal and Paytm. In April 2026, FPIs were net sellers, withdrawing ₹60,900 crore from Indian equities.

