Foreign institutional investors (FIIs), who were net buyers in the Indian markets since October 2020, turned net sellers in April, so far pulling out more than Rs 7,000 crore from the cash segment of Indian equity markets. FIIs pulled out over Rs 11,000 crore in September 2020. In net terms, FPIs have taken out Rs 4,852 crore from the Indian financial market this month, as of data collated on April 21. Experts attributed the sell-off to the rise in COVID cases across key states that led to partial lockdowns and restrictions being imposed by various state governments. Lockdown and restrictions will impact demand and also business activity. If the situation persists, and fresh lockdowns are announced there is a risk of earnings downgrade for FY22, fear experts.