India-focused funds saw $244 million in outflows this week, accelerating from $183 million a week earlier, according to the latest Elara Global Liquidity Tracker. Since the start of the current redemption wave in July 2025, foreign investors have withdrawn a total of $2.3 billion from India funds. This follows a $4.4 billion exodus during the first wave of selling between October 2024 and March 2025.

Within the current phase, large-cap funds have suffered $2 billion in redemptions, while mid- and small-cap funds have faced only limited withdrawals of about $20 million each. The largest outflows originated from U.S.-based funds, which pulled out $1 billion, followed by Luxembourg with $765 million and Japan with $365 million.

Active GEM managers remain net sellers of India, redirecting fl

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