It is a global sell-off. Let us only talk about Asian EMs as other EMs work on a different set of economics altogether. The Coronavirus pandemic has led to increased risk-off selling in emerging markets. Asia saw $9 billion worth of selling in equities in the first week of March. This is sharply higher than the $5.6 billion sold in the entire month of February. India saw FII selling to the tune of $1.8 billion in the first week. Apart from the Chinese virus syndrome, the FIIs are also sceptical about the weakening rupee and the Yes Bank crisis that has raised a question mark over most private banks. Taiwan saw the heaviest sell-off to the tune of $3.6 billion while South Korea saw selling to the tune of $2.5 billion. India ranks third on the list with $1.8 billion of selling by FIIs.