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Markets and Finance
FPIs sell equities worth $800 million so far in September

Foreign Portfolio Investors (FPIs) have sold Indian equities worth close to $800 million in September, after offloading stocks worth nearly $2 billion in August.On Tuesday, the foreign investors sold shares worth $192 million, provisional data on exchanges showed. The net investments stood at $6.1 billion so far this year.Sensex at the present level of 32,158.66 trades at a price-earnings multiple of over 18.8 times one-year estimated forward earnings, a 20% premium to the long-term average multiple. Concerns over steep valuations and poor corporate earnings for the June quarter have seen investors take risk off the table.

News Source:- http://www.financialexpress.com/market/fpis-sell-equities-worth-800-m-so-far-in-september/852461/