The market reaction is primarily driven by the concern raised by the market regulator about the froth that has built up around small, medium, and microcap valuations. They have also mentioned some manupulations being observed in the medium and small cap segments. Some of the larger AMCs are also not accepting large lump-sum investments in that space as a matter of caution. Hence, investors want to derisk their positions, keeping in mind the perceived risk emanating from them.