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Indian stocks have got cheaper. The Nifty 50 is about 15% off its January high and its trailing P/E has slipped below 20x. Yet foreign investors have sold nearly ₹2.85 lakh crore of Indian equities this year, and they are still selling. For a dollar investor, it turns out, cheaper is not the same as cheap. Here is why the selling hasn't stopped.
FPIs had sold a net ₹2.85 lakh crore of Indian equities between January and 7 October 2026/ | Image: Shutterostock