In April, FPIs withdraw Rs 8,600 crore from equities over Mauritius tax pact
New Delhi, May 1
After infusing money for two straight months, foreign investors turned net sellers in April with the dumping of Indian equities worth Rs 8,700 crore on concerns over a tweak in India’s tax treaty with Mauritius and a sustained rise in US bond yields.
This came following a net investment of Rs 35,098 crore in March and Rs 1,539 crore in February. Overall, the total inflow for 2024 so far stood at Rs 2,222 crore in equities and Rs 44,908 crore in debt market.
Foreign Portfolio Investors (FPIs) made a net outflow of Rs 8,671 crore in Indian equities. The tweak in India’s tax treaty with Mauritius on investments made in India via the island nation continues to bother foreign investors, said Himanshu Srivastava, Associate Director – Manager Research, Morningstar Investment Research India, said.
