In March 2020, FPIs sold equities to the tune of Rs.48,029 crore ($6.37 billion) leading to the FII ownership in Nifty-50 companies to a 6-year low of 23.11%. Out of the 50 companies in the Nifty, FIIs reduced their holdings in 45 companies during the March quarter. The stake reduction was quite sharp in the case of Hindalco, Cipla, Grasim, Axis Bank, Tata Steel and Eicher Motors. Most FIIs are disappointed that the economic response of the Indian government to the pandemic has been far less than developed markets. FPIs are broadly expected to remain cautious and will await global and domestic cues.