Samir Arora discusses whether high valuations are behind foreign portfolio investor (FPI) exits from India, pointing to examples where foreign ownership has increased rather than fallen. He notes that FPI ownership in the company Eternal rises from 10.4% in 2022 to 30.8% by 2026. A similar pattern appears in HDFC AMC, where foreign shareholding grows from 10.4% to 24.5% over the same period. Arora also cites GE Vernova, saying foreign ownership climbs from 0.3% to 20.4% between 2022 and 2026. Taken together, these figures suggest that at least in certain listed firms, foreign investors continue to increase exposure despite concerns that valuations could deter new investment. The discussion focuses on ownership changes over time and does not attribute movements to a single cause, but it directly challenges the assumption that high valuations automatically lead to foreign selling across the board.