New Delhi, May 12 -- Since the start of the West Asia war and the sharp 44% rise in crude oil prices, foreign portfolio investors (FPIs) have been steadily selling Indian shares, pushing total outflows in less than five months close to last year's record level.

FPIs have sold cash shares worth Rs.2.28 trillion in calendar 2025 through 11 May - just Rs.120 billion short of the record Rs.2.4 trillion secondary market outflows seen in the whole of 2025, according to depository and exchange data.

Of this, Rs.1.85 trillion - over four-fifths of total outflows - came between March and 11 May alone, underscoring investor concerns about the impact of elevated crude on India's macroeconomic fundamentals and corporate earnings if the war drags on...