New Delhi: In March, Foreign portfolio investors (FPIs) have so far net sold shares of $11.7 billion (over Rs 1.1 lakh crore), a figure that is highest ever. Data from Bloomberg suggests that as the month is about to end, the FPIs continue to hold high short positions – 85.5% – in index futures, which was 75% a month ago and since then has increased, reported Financial Express.The FPIs had been holding short positions around 85% since the beginning of the crisis in the West Asia which indicates the likelihood of a further sell off if the matter doesn’t cool off.Two weeks back, the FPIs had held over 90% short positions, a phenomenon which was first seen three years ago and repeated in over 50 trading sessions since then, reported Financial Express.“FPIs are likely to wait for a durable resolution to the geopolitical tensions in West Asia before decisively increasing their India allocations,” George Thomas, fund manager at Quantum Asset Management Company, told the newspaper.Thomas added that the FPIs are likely to tread cautiously in the current environment.According to National Stock Exchange (NSE) data, the Nifty 50’s 12-month trailing price-to-earnings (PE) ratio is 20.39x, which is lower than the five-year average of 23.7x.On the other hand, Goldman Sachs has downgraded its rating on Indian equities to ‘marketweight’ from overweight.“India stands out as more vulnerable among key Asia markets to potential energy shortages, given it is a lower per capita income economy with high energy imports,” it has said in a report.