FIIs have trimmed their holdings considerably in ICICI Bank since Dec '15 (last 3 years) - from 53.48% to 43.02%. There was only a marginal increase in holding as of Mar '19 quarter. It doesn’t look like ICICI bank is a beneficiary of FII buying.
Axis Bank OTOH, FIIs have increased stake from 42.13% in Dec’15 to 49.62% as of Mar '19. So Axis is definitely a big beneficiary of increase in FII holdings. Notably MFs as well have increased stake from 10.76% to 15.35% in the same period. The govt. has reduced about 10% stake meanwhile via SUUTI, LIC and other state insurance companies.
Yes Bank is an interesting case where FII holding was 41.38% as of Dec '15 and rose up to 46% in FY’18 but it had come down considerably to 36% as of Dec '18 but after Rana Kapoor removal and recent run-up FIIs thought all was well and increased stake back up to 40.33 - making this a FII heavy stock as of today, because their holding is almost unaltered since Dec '15. This is where technically it is ill-equipped to handle current sell-off, because the weighty Morgan Stanley, Macquarie and UBS analyst reports are stacked against them.
If you look at DHFL, FII selling of about 8% (from peak) killed the stock to about a quarter of its peak valuation. In Yes bank’s case, FIIs are loaded up and have even got their recent call wrong on the long side, so trimming their holdings by even 5-10% is going to be pretty stiff pressure on the stock I think. I doubt if anyone is going to give it a helping hand other than retail which is already up from 6% to 11% levels. Won’t be surprised to see brave retail’s holding go up to 18-20% in June '19 SHP.
Disc: No holdings. This is purely of academic interest to me, to observe behaviour of participants.