Foreign investors are fleeing Indian equities at a record clip as a global retreat from riskier assets and concerns over surging energy costs overshadow the nation’s long-term growth story.

Overseas investors have offloaded a net $11.7 billion of local shares through March 25, according to Bloomberg-compiled data. That puts equities on course for their steepest monthly exodus ever, with total outflows this year exceeding $13 billion and nearing levels seen a year ago.