The selloff of listed stocks by foreign portfolio investors (FPIs) has exceeded $3 billion in January, marking the highest monthly outflow since August 2025. The selling has persisted even as FPIs remained net buyers in several other emerging markets, including South Korea, Taiwan, Indonesia, and Thailand. The absence of progress on an India-US trade agreement, muted corporate earnings growth, and India's limited participation in the global rally in artificial intelligence stocks are being cited as key reasons behind the sustained outflows.