Mumbai, October 6 (Daily Kiran) : The shares of the National Stock Exchange (NSE) have slipped below their initial public offering (IPO) price less than two weeks after being listed. This decline has erased all gains made on the listing day and resulted in a market capitalization drop of approximately ₹41,000 crore from its peak.
On September 24, NSE shares debuted on the Bombay Stock Exchange (BSE) at ₹1,800 per share, just slightly above the IPO price of ₹1,785. Initially, strong buying interest pushed the stock up by over 5% to an intraday high of ₹1,878 within the first hour of trading.
At that time, NSE’s market capitalization soared to around ₹4.64 lakh crore. However, this upward momentum was short-lived, as selling pressure began to mount soon after.
By Monday, the stock had fallen to ₹1,712, marking its lowest point since the listing. This price is nearly 9% lower than the peak reached on the listing day and about 4% below the IPO price.
The decline has affected the company’s market standing as well. NSE’s market capitalization has now decreased to approximately ₹4.27 lakh crore, causing it to drop out of the top 10 most valuable listed companies in the country, now standing at 12th place.
Currently, companies like Reliance Industries, Bharti Airtel, HDFC Bank, ICICI Bank, State Bank of India, TCS, Bajaj Finance, Larsen & Toubro, LIC, Hindustan Unilever, and Sun Pharma surpass NSE in market cap.
However, on Tuesday, there was a slight recovery. NSE shares rose by 1.53%, or ₹26.35, closing at ₹1,749.85. Despite this uptick, the stock remains below its IPO price.
Meanwhile, the broader Indian stock market saw a strong rally on Tuesday, with investors actively buying in the pharma, private banking, and oil & gas sectors. Market participants are closely watching the outcomes of the Reserve Bank of India’s policy meeting.
At the end of trading, the Sensex closed up by 685.34 points, or 0.95%, at 73,067.81, while the Nifty gained 220.35 points, or 0.98%, reaching 22,776.10.
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