Shares of the National Stock Exchange fell as much as 1.8 percent to ₹1,761 on Monday, slipping below the IPO price of ₹1,785 on the third day of trading, amid a broader equity selloff.

Shareholders of the world’s busiest derivatives exchange sold ₹22,560 crore ($2.4 billion) of stock — India’s second-biggest IPO after Hyundai’s ₹27,860 crore issue in 2024. The response was subdued, especially from retail investors, with bids worth less than ₹1 lakh crore and LIC as the biggest bidder.

The IPO was subscribed 5.71 times. NSE listed on the BSE on September 24 at ₹1,800, a 0.84 percent premium, and closed day one at ₹1,818, up 1.85 percent. By Monday, market capitalisation had fallen to ₹4,37,580 crore, down ₹12,375 crore from the debut close.

The stock trades at about 30 times estimated fiscal 2029 earnings, roughly 65 percent above the 18 times multiple of international exchanges, according to a Macquarie note last week.

At a steep premium to global peers, the stock has little cushion against a weak market.