Foreign portfolio investors (FPIs) have withdrawn a massive Rs 37,976 crore on a net basis from the Indian markets in March so far amid the coronavirus pandemic triggering fears of a global recession.

Overseas investors pulled out a net Rs 24,776.36 crore from equities and Rs 13,199.54 crore from the debt segment between March 2-13, depositories data showed.

This translates into a total net outflow of Rs 37,975.90 crore during the period under review.

Before this, foreign investors were net buyers for six consecutive months since September 2019.

“The spread of coronavirus, which has now been declared a pandemic, and continued slowdown in the global economy, has created a vicious cycle which is consuming investors worldwide,” said Himanshu Srivastava, senior analyst manager research, Morningstar Investment Adviser India.

Given the ongoing scenario, foreign investors have taken a flight to safer investment options, such as dollar denominated asset classes and gold against fixed income securities of emerging markets like India, he added.