NSE hits new low

National Stock Exchange of India (NSE) is among the losers on the BSE today, falling 2.59% to Rs. 1,651.70. The stock opened at Rs. 1,695.60, unchanged from its previous close, and touched an intraday low of Rs. 1,640.25, a new 52-week low. Trading volume stood at 5.28 lakh shares, with turnover of Rs. 87.84 crore. Market depth showed clear selling pressure, with sell quantity at 1,70,204 shares against buy quantity of 94,484 shares.

The stock is now trading 7.47% below its IPO price of Rs. 1,785, having listed on September 24 at Rs. 1,800.

Trigger

• NSE's one-month IPO lock-in period expired on October 22, 2026.
• Approximately 1.89 crore shares, valued at over Rs. 3,200 crore, became eligible for trading.
• The unlocked shares represent less than 1% of NSE's outstanding equity.
• NSE's Rs. 22,562 crore IPO was entirely an OFS and subscribed 5.71 times.
• The stock listed at Rs. 1,800, just 0.84% above its issue price of Rs. 1,785.
• From its listing-day high of Rs. 1,878, the stock has now corrected approximately 12%.

The immediate concern is the potential increase in share supply following the expiry of the lock-in period. However, expiry does not mean that all 1.89 crore shares will necessarily be sold. It simply allows eligible investors to sell their holdings. With the stock already trading below its IPO price, uncertainty over potential institutional selling is adding pressure to sentiment.

Interestingly, our IPO Analysis had described the issue as "Not So Exciting" and had not recommended subscribing, citing valuations, governance considerations and limited prospects for listing gains. The stock's performance since listing has broadly supported that cautious assessment. Despite the much-awaited IPO and strong institutional subscription, investors who received allotments at Rs. 1,785 are currently sitting on a notional loss.

NSE's decline is not necessarily a reflection of deteriorating business fundamentals today. It is primarily a combination of lock-in-related supply concerns, subdued post-listing sentiment and the market reassessing the valuation of an otherwise dominant exchange business.