Foreign institutional investors (FIIs) have pulled nearly $64 billion from Indian equities over the past two years, yet cheaper valuations and a stronger earnings outlook have failed to bring them back. The missing trigger, according to JM Financial, may be a sustained decline in crude oil prices. FIIs net sold $59.2 billion in the 24 months through September 2026. Including October’s month-to-date outflows of about $5 billion, the exit has widened to roughly $64 billion. The sell-off is now the longest and deepest in a two-decade dataset. Foreign investors sold $14.9 billion in FY25, $21.9 billion in FY26 and another $17.7 billion in FY27, including October’s selling.