IFCI, NIACL fall up to 4% as NSE stock slips below IPO price: Here’s why

As per the latest business developments, Shares of IFCI, NIACL declined up to 4% on September 28 after the NSE stock eased below its IPO price.

IFCI, a public sector non-banking financial firm (NBFC), holds a 52% stake in Stock Holding Corporation of India Ltd (SHCIL), which in turn owns a 4.4% stake in NSE.

New India Assurance Firm holds a 1.42% stake in NSE.

Shares of newly listed NSE declined 2% to a low of Rs 1,761 apiece on the BSE on Monday, slipping below the IPO price of Rs 1,785 apiece. Following the slide, NSE’s market capitalisation stood at Rs 4.36 lakh crore, placing it as the 11th-largest listed Indian firm, ahead of Tata Group’s Titan Firm.

Despite the slide, research firms stay positive on the stock, with Macquarie, Emkay and PL Capital setting target prices between Rs 1,950 and Rs 2,050, citing its market leadership and expansion prospects.