New Delhi, May 19 -- Foreign portfolio investors (FPIs) have significantly widened their exposure across Indian equities over the last four years, even as their overall ownership in the market has declined sharply due to persistent selling in heavyweight large-cap stocks, according to a report by ICICI Securities.

The brokerage said aggregate FPI ownership in Indian equities has fallen to nearly 15% currently from close to 20% a decade ago, with most of the reduction taking place after the Russia-Ukraine conflict in 2022 triggered a shift in global investment trends.

However, despite the decline in overall ownership, foreign investors have substantially increased the breadth of their investments in India. The number of stocks in which F...