Remaining sellers in eight of the 12 months of the calendar year 2025, the (FIIs) have inflicted a significant blow not only to the Indian stock market but also to the Indian rupee.
FIIs have sold Indian stocks worth $18,285 million on a year-to-date (YTD) basis, marking the worst year on record for foreign investment in .
Domestic stock markets have recorded their worst relative performance in nearly three decades in the space so far in 2025, as per a Jefferies analysis. Meanwhile, the has slumped to its all-time low of above 91 against the US dollar, highlighting the sway of FIIs in the Indian capital markets.
Here’s a look at the top stock holdings of India’s top 10 FIIs:
1. Government Of Singapore
Government of Singapore is the biggest FII in the Indian market, publicly holding 57 stocks with a net worth of over ₹197,571.7 crore, according to data from Trendlyne. Its biggest stock holding is .
It held 326,956,006 shares, representing a 2.5% stake in HDFC Bank as of the September quarter. This stake is worth ₹32,211.7 crore as of the last close.
2. Government Pension Fund Global
Norway’s sovereign wealth fund, Government Pension Fund Global, is the second-biggest Indian FII with investments worth ₹147,950.2 crore in the Indian stock market. Once again, its top pick also remains HDFC Bank at ₹17,290.6 crore.
During the September quarter, it held 175,379,335 shares of India’s biggest private lender, translating into a 1.3% stake.
3. GQG Partners
Rajiv Jain-led GQG Partners has emerged as one of the biggest Indian FIIs, which shot to fame for its investments in following the Hindenburg crisis. It currently holds a stake in 12 Indian stocks, with a total investment of ₹78,695.7 crore.
remains its biggest bet, worth ₹18,870.5 crore. It held a 3.75% stake in the blue-chip FMCG stock as of the September quarter, as per Trendlyne.
4. Vanguard Fund
The Vanguard Fund publicly holds 40 stocks with a net worth of over ₹66,677.8 crore. Among these stocks, HDFC Bank has emerged as its biggest bet, closely trailed by Infosys. As of the September quarter, Vanguard held 164,176,250 shares of HDFC Bank, or a 1.2% stake. Based on this quantity, its stake in HDFC Bank is valued at ₹16,184.5 crore.
is a close second with its stake in the IT behemoth worth ₹16,004.7 for the 2.6% stake that it holds.
5. Smallcap World Inc
Smallcap World Inc is a global, actively managed American mutual fund by Capital Group. It holds 36 Indian stocks as of the last quarter that are worth ₹36,113.3 crore. Nearly a tenth of its value ( ₹3,312.1 crore) is parked in , becoming its largest stock Indian holding.
6. Nalada Capital
Nalanda India Fund, managed by Nalanda Capital, is a well-known Indian FII which publicly holds 23 stocks with a net worth of over ₹30,360.8 crore, showed the latest data from Trendlyne. Its top bet remains Havells.
Nalanda Indian Fund holds 25,820,184 shares of , representing a 4.1% stake, worth ₹3,660.3 crore, making the consumer electronics company its biggest bet.
7. Amansa Holdings
Amansa Holdings Private Limited, a fund based in Singapore, is another major Indian FII, holding 26 Indian stocks worth around ₹19,741 crore. As of the last quarter, chemical company SRF was its biggest stock holding. It holds 9,170,929 shares of , amounting to a 3.1% stake, worth ₹2,827.4 crore.
Meanwhile, Eicher Motors, Trent and Paytm are its other top bets.
8. Goldman Sachs India
Goldman Sachs India, having a portfolio value of ₹9380 crore, has a stake in 49 Indian stocks. Among these, is its most valuable stock holding at ₹485 crore.
As of the September quarter, Goldman Sachs India stake in the chemical stock was 1.6% or 830,279 shares.
9. Malabar Investments
Ranking among the top 10 FIIs, Malabar Investments’ portfolio value is ₹5,617.7 crore. Among the 22 stocks that Malabar Investments holds, is its biggest bet in terms of value.
Malabar Investments held 738,887 shares, representing a 5.8% stake, in Neuland as of the last fiscal. The stake is currently valued at ₹1180 crore.
10. Nomura India
Nomura India holds 13 Indian stocks, which are worth ₹4,841 crore. Among these, remains its top stock bet at ₹1180.5 crore. As of the last quarter, Nomura held 11,970,071 shares of the SFB, representing a 1.6% stake.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.