bengaluru feb 6 reuters  foreign portfolio investors fpis offloaded indian equities worth 28852 billion rupees 351 billion in january the most since june data from national securities depository ltd showed the selling coincided with a slide in equity benchmarks with nifty 50 nsei falling 245 in the first month of 2023 analysts cited multiple reasons  the uncertainties due to a sharp selloff in adani group stocks after a hindenburg research report flagged concerns over the conglomerates financials expensive valuations of indian shares over their global peers reallocation of funds to china and taiwan for their relatively cheaper valuations and beijings reopening easing covid19 controls read more  foreign investors sold the most in financials offloading 15204 billion rupees of shares followed by 7596 billion rupees in oil and gas and 2777 bln rupees in consumer durables the sharp selloff in financials came after a jan 24 report by wellknown us short seller hinderburg alleged stock manipulation and unsustainable debt on adani group companies since then the conglomerate saw more than 100 billion wiped off its market value the group refuted the allegations saying the report is baseless and motivated at least 40 of the groups debt is exposed to indian banks so that exposure is what investors are worried about in banks said neeraj dewan director at quantum securities all the major indexes linked to financials tumbled in january metals was the only major sector that saw renewed interest from foreign investors who bought 4369 billion rupees worth of equities china is the worlds largest consumer of metals and its reopening after the lifting of stringent covid restrictions is expected to boost metals demand in india and the world reporting by bharath rajeswaran in bengaluru editing by dhanya ann thoppil