Foreign investors ditch India’s pricey stocks, opt for new issues

Foreign investors are unloading their holdings of expensive Indian stocks and turning instead to new listings in primary markets as they seek cheaper exposure to the market and better returns.

Foreigners have so far sold a net $3.42 billion worth of equities in the secondary market. They purchased a net $1.47 billion through primary market issuances so far this month, according to India’s Central Depository Services Ltd. They are sellers in the secondary market this year partly because earnings growth prospects have moderated, he said.

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