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Our Bureau

Mumbai, Oct. 10 The FIIs’ selling continued despite the sharp fall in rupee against the US dollar.

Foreign institutional investors were net sellers of equities worth Rs 2,514 crore on Friday, among the highest single day sales in the recent times, the data provided by the custodians to the stock exchange indicated.

The steep fall in the stock markets on Friday was largely due to the massive selling by the troubled FIIs, many of them being the subsidiaries of the US and Europe-based financial companies that were facing liquidity problems back home.

(The domestic institutional investors were net buyers of equities worth Rs 1745 crore.)

This was one of the highest single-day liquidation of the equities by the FIIs amounting to withdrawal of investment equivalent to $500 million.

FIIs had stepped up selling from the beginning of September as major investment banks such as Lehman Brothers and Merrill Lynch plunged into deep trouble which was followed by others such as AIG, Morgan Stanley and Goldman Sachs.

In the day’s overall transactions, FIIs sold shares worth Rs 6,394 crore while they were buyers of shares worth Rs 3880 crore.

Morgan Stanley offloaded itsholdings in maximum number of companies according to the bulk deals data reported on the Bombay Stock Exchange and the National Stock Exchange.

The bulk sales by Morgan Stanley were in Allied Digital, Apollo Tyre, Arshiya International, Vimta Labs, Monnet Ispat, S Kumar, Aurionpro Solutions Ltd, Hannug Toys, Geodesic Ltd. and OM Metal Infraprojects.

Other FIIs that offloaded shares in bulk were Citigroup (B L Kashyap, Havells India and Tanla Solutions); Merrill Lynch (CMC Ltd, ING Vysya Bank, Nucleus Software); Goldman Sachs (Geodesic Ltd, Igarashi Motors, HBL Power) and Deutsche Bank (Educomp Solutions, HEG Ltd.)

In the calendar year 2008, FIIs have been net sellers of equities worth $10.05 billion as on October 8, the SEBI data indicated.

More Stories on : Stock Markets | Foreign Institutional Investors

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