Foreign institutional investors have not walked away from Indian equities, they've simply rotated their bets, Samir Arora, Founder and Group CIO of Helios Capital Management, said at the ET Alpha Wealth Summit, delivering one of the sharpest macro reads on India's market narrative in recent months. The $200 billion rotation nobody is talking about Citing data from an ICICI report, Arora revealed a striking structural shift in foreign portfolio behaviour. Four years ago, heavyweight names, HDFC, Reliance, Infosys, TCS, Kotak, Bajaj Finance, and Hindustan Unilever, collectively made up around 40% of the total foreign institutional investor (FII) portfolio in India. Today, that share has nearly halved to roughly 20%.