Yes, it is very painful to see the fall. While everyone knows the behavior of equity markets (that is is volatile), still, when it falls, it creates panic. Even if investments are made for the long term, it is difficult to hold them when they fall in value in the short term. That is why few investors make good returns on their investment.
Selling now and hoping to buy lower, amounts to ‘timing the market‘ which is not a great idea. Even experts suggest not to try it. Many times, we have seen that markets rebound sharply and investors keep waiting for markets to fall even further.
Again, if you are fearful now, then there will be more fear in the equity market if it falls from here. We have seen in the past that investors do not switch back into equity funds in such situations and eventually recovery happens while they have exited the equity markets.
I would suggest not to exit the equity funds now. Please hold your investments. Yes, markets can fall further, and there could be more pain in the near future, but rewards will come to you if you hold it for the long term.
If you still want to reduce your exposure to equity funds, let me know and I shall give you suitable planning for it. My suggestion, however, will be not to do this and sit tight.