Foreign portfolio investors (FPIs) offloaded shares worth $1.76 billion of financial services companies in the first half of August, the maximum outflow from the sector since January, according to the data from National Securities Depository (NSDL).

The financial services space contributed to around 78% of overall net outflows during the period, with the total selling figure standing at $2.24 billion.

Apart from financial services, shares of metals, construction material makers and services companies also took a beating.

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The selling, which was seen in the equities globally, was due to concerns over a potential recession in the US. So far in August,…