New Delhi, Aug. 9 -- India's midcap space has been on a tear, but some cracks are beginning to show. Even as headline indices stay firm and retail flows remain strong, the June quarter has revealed a subtle but important shift in institutional behaviour.

In a handful of midcaps,foreign institutional investors (FIIs) have started trimming their stakes.

The FII pullback is not broad-based, but it stands out against the backdrop of strong domestic flows.

Whether it's on account of weak earnings, execution delays or simply stretched multiples, these 5 midcaps have seen a notable drop in FII ownership in the June quarter.

Here's a closer look.

Kajaria Ceramics is one of India's largest ceramic and vitrified tile manufacturers. The company...