Foreign institutional investor (FII) equity in Eternal has recorded a sustained decline over seven consecutive quarters, retrenching from a 54% peak to the current level of 36.2%. This downward trend is driven by a regulatory mandate imposing a 49.5% cap on foreign ownership. The restriction is a strategic requirement to preserve the company’s Indian ownership status, which is essential for the operation of Blinkit’s inventory-led business model under prevailing foreign direct investment (FDI) guidelines.