The June quarter shareholding season has begun, but only a handful of companies have disclosed their latest data so far. To get an early read on institutional activity, we used the March quarter shareholding pattern as the base and identified BSE 500 stocks where Foreign Institutional Investors (FIIs) reduced their stake compared with the previous quarter. The screen revealed nearly 280 BSE 500 companies where FIIs trimmed their holdings. However, what happened next tells a different story.Tracking these stocks from the start of April until now uncovers an interesting trend: FII selling did not necessarily translate into weak stock price performance. In fact, many of these companies continued to surge, likely supported by factors such as strong fundamentals, increased domestic institutional participation, or other positive business developments that may have outweighed the impact of foreign selling. Ten of these stocks delivered spectacular returns of 75% to 220% in just over three months, even as FIIs were cutting their exposure. It serves as a reminder that FII selling alone is not always a reliable indicator of a stock's future performance. (Note: FII data for the June quarter is available for four companies, which have been highlighted accordingly. Data Source: ACE Equity.) Winning Against Odds