New Delhi: The exodus of Foreign Portfolio Investors (FPI) reached a record 34-year high in 2026, with net outflows surging 42% year-on-year to nearly Rs 1.8 trillion in FY26. This figure is the highest since 1992, when data first became available, reported Mint, citing of National Securities Depository Ltd (NSDL) data.The FPI outflows further intensified in March 2026 with Rs 1.18 trillion sell-off in wake of uncertainties following the crisis in West Asia.While following the December-quarter earnings, the market was hovering around 16% earnings growth for the Nifty50, the surge in crude prices due to the ongoing war triggered by the US and Israel’s attack on Iran. Meanwhile, Goldman Sachs has lowered its forecast to 8%.“Most foreign investors track headline earnings growth closely, and their allocation to India tends to follow the trajectory of earnings,” Dikshit Mittal, senior equity fund manager at LIC Mutual Fund AMC told Mint.Earlier, such FPI outflows were episodic and largely confined to global crises, for example in FY09. But a worrying trend has been seen since 2021, when four of the five worst years for FPI flows have been recorded.In fact, despite the global economic crisis in FY09, the magnitude of outflows was much smaller. The FY26 outflows are nearly four times FY09 levels despite India being a much larger and more liquid market today, added the Mint report.