Global funds focused on India have sold shares worth $980 million so far this year, the second highest outflow after $2,668 million from China funds in Asia-Pacific region, according to data compiled by international fund tracking firm EPFR Global.

This comes in sharp contrast with China and India funds seeing the biggest inflows of $4,494 million and $1,754 million respectively in the same period last year.

The funds focused on South Korea had recorded a net outflow from $14.5 million in 2006 till the second week of November - the biggest outflow for Asia-Pacific region.

However, these funds have seen a massive inflow of about $2,800 million this year, which is the highest in the region.

In the second week of November, China and India, the two most expensive markets in Asia, faced the biggest redemptions over past 12 weeks, global financial major Citigroup's brokerage division said in a report on Monday.

"Resurgence of credit crunch worries triggered broad redemptions from Asian funds," but fund flows to markets like Korea, Malaysia and Thailand went against the tide and recorded inflows during the week, Citigroup said.

EPFR Global said in its weekly report that investors pulled out over $5 billion from emerging market equity funds last week, including over $2 billion from funds focused on four BRIC markets -- Brazil, Russia, India and China.

China funds recorded an outflow of $1.1 billion, while collectively the BRIC funds posted a net outflow of $2.11 billion. The outflow from India funds stood at about $189 million.

During the second week of November, emerging market equity funds reported a net outflow of $5.58 billion, while those focused on developed markets saw an outflow of $5.07 billion.

Nearly all the outflow from the developed and emerging markets appears to have been absorbed by the money market funds. According to EPFR, the money market funds recorded a net inflow of $10.1 billion during the week, taking their total inflow since the beginning of August to $100 billion.

"Investors also took a step back from the BRIC's theme, both collectively and at the individual market level. China Country Funds were hit particularly hard as the prospect of tighter global and domestic credit played on fears that the Chinese equity markets are a bubble waiting to be pricked," EPFR said.