The Economic Times reported that National Stock Exchange of India Limited (NSE) shares touched ₹1,683.70 Thursday, Oct. 22, while NDTV Profit cited Nuvama’s estimate of an 18.9 million-share unlock.
NDTV Profit reported that Nuvama Alternative & Quantitative Research estimated the tranche at about 0.8% of NSE’s equity. The shares became eligible to trade when their lock-in expired, but neither report said holders had sold them. The Economic Times described ₹1,683.70 as the stock’s lowest level since listing.
The BSE listing notice records an issue price of ₹1,785 and a trading start date of Sept. 24, following allotment on Sept. 22. IIFL’s historical data shows the shares opened at ₹1,800 on their debut and reached ₹1,878. At the reported low, they were about 5.7% below the issue price and 10.3% below the debut-day high.
The reported value of the newly eligible shares depends on the count and price used. The Economic Times put it at about ₹3,247 crore, using 190 lakh shares and a ₹1,709 reference price. Nuvama’s estimate was 18.9 million shares; applying that figure to the ₹1,706.55 BSE close on Wednesday, Oct. 21, gives about ₹3,225 crore, by calculation. The difference reflects both the rounded share count and the different price inputs.
NSE’s issue information describes the IPO as an offer for sale, in which existing shareholders sold shares, and lists 37,793,739 shares in the anchor allocation. Securities and Exchange Board of India (SEBI) guidance sets a 30-day lock-in for half of anchor shares and a 90-day lock-in for the other half.
The low and the lock-in expiry occurred on the same day, but the reports do not establish that the expiry caused the share-price decline. SEBI’s schedule keeps the remaining half of anchor shares subject to the 90-day lock-in.
