The noise around so-called heavy selling by foreign investors in India masks a key distinction: there are no signs of a large-scale exodus. Yet, they are also willing to exit at lower levels, amplifying the bearish sentiment. Foreign portfolio investors (FPIs) have net sold shares worth $21 billion over four months through January end, shows data from the National Securities Depository Ltd (NSDL). That’s about 2.7% of their total equity holdings worth $782 billion as of January. This actual selling accounts for just 14.2% of the $148 billion decline in their assets from a cumulative $930 billion as of September…