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October’s lackluster listings have had an adverse impact on the unlisted shares of several marquee IPO-bound firms. The prices have plunged as much as 48% in just two weeks with Oravel Stays seeing the sharpest fall. Top names like the NSE, Groww, HDFC Securities, Boat and Hero Fincorp have also seen their shares slip up to 7% while others like BigBasket, HDFC Ergo Life Insurance, Hero Motors, and Zepto have hardly budged despite a busy primary market. <iframe title="IPO-bound companies: October stats" aria-label="Table" id="datawrapper-chart-ALGyO" src="https://et-infographics.indiatimes.com/graphs/ALGyO/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="639" data-external="1"></iframe><script type="text/javascript">window.addEventListener("message",function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}});</script>While LG Electronics brought some cheers on Tuesday, with a 50% listing pop, two big IPOs in Tata Capital and WeWork Management made an insipid debut on the exchanges. Tata Capital which was listed at a premium of 1.3% over the issue price of 326 was a big disappointment, notwithstanding the company launching the IPO at a 56% climbdown from the unlisted share price of Rs 785. The stock on Tuesday fell 1.5% from the issue price. Meanwhile, Embassy Group-backed WeWork is now 6% lower over the issue price of Rs 648. <iframe title="October listings: Premium/discount (%)" aria-label="Bar Chart" id="datawrapper-chart-wGrOR" src="https://et-infographics.indiatimes.com/graphs/wGrOR/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="716" data-external="1"></iframe><script type="text/javascript">window.addEventListener("message",function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}});</script>The ordeal for investors doesn't end here as many others have seen a deeper cut. Om Freight Forwarders, Glottis, BMW Ventures and Gurunanak Agriculture India were listed at discounts of 37%, 35%, 25% and 24%, respectively. Jinkushal Industries and TruAlt Bioenergy have slipped below their issue prices after positive but weak listings.Also read: Nifty's 382-day itch: Fresh peak remains elusive, but it’s far from index's longest nap. What's in store?Not all dudsManas Polymers and Energies had a stellar listing pop of 80% though the gains have now reduced to 44% over the issue price as investors have been booking gains. The SME stock closed with 5% cuts on Tuesday. Sheel Biotech, which made its market debut at 52% premium has narrowed gains to 27%.Ashish Kacholia-backed Jain Resources and B.A.G. Convergence were listed at a premium of 37% and 21%, respectively and both have managed to hold their gains. Mukul Agrawal-backed Suba Hotels and Munish Forge were listed with double-digit listing gains and have build-on them so far.Also Read: Internet stocks shed ‘hype’ tag: Ixigo, CarTrade, Nykaa soar up to 80% in 3-months on earnings revival Valuation villainThe villain behind the current trends is high valuations for most stocks, three analysts told ETMarkets. “The subdued performance in the unlisted market stems from an overstretched valuation gap between listed and unlisted peers. Additionally, several companies have priced their IPOs significantly lower than the levels at which their unlisted shares were trading, leading to a sentiment reset and heightened uncertainty in the already illiquid unlisted space, putting pressure around IPO timelines,” Prashanth Tapse, Senior Vice President (Research) at Mehta Equities said, commencing on the current trends.Apart from high valuations, large OFS components that focus on quick exits rather than growth capital remains a sentiment dampener, Nitant Darekar Research Analyst at Bonanza. He calls this correction a health trend. "Investors should look at unlisted shares more carefully. They need to demand reasonable valuations supported by strong fundamentals instead of relying on momentum-driven pricing. Average IPO performance has usually been modest, and today's environment requires careful analysis instead of speculative excitement," Darekar said.Nilesh Jain, Head Vice President, Equity Research Technical and Derivatives at Centrum Broking also cautions investors while dealing in unlisted shares. "The maximum IPOs came at higher valuation and that is the reason we are seeing a sharp correction there," he said. LG breaking the trend was owing to decent grey market premium (GMP) and largely favourable view for this IPO, Jain said. The government's GST boost has only aided to the appeal in the festive season, he remarked. .(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

The Supreme Court on Wednesday eased the firecracker ban in Delhi-NCR for Diwali, permitting the use of green crackers on the day before Diwali and on Diwali day, Live Law reported. The court said the crackers can be burst only in designated areas and within fixed time slots — between 6 AM and 7 AM, and again from 8 PM to 10 PM.

Shares of Indian Renewable Energy Development Agency (IREDA) fell 2.6% to their intraday low of Rs 153.35 on the BSE, retreating from the day’s high of Rs 157.45. The dip comes a day after the public sector power financier announced its Q2 FY26 results, which showed robust earnings but also triggered profit booking among investors.The stock had surged 4% on Tuesday, touching a high of Rs 155.85 following the earnings announcement, but Wednesday’s decline erased all those gains.IREDA’s market capitalization, around 10 am, stood at Rs 43,262 crore.IREDA posted a consolidated net profit of Rs 549.33 crore for Q2 FY26, marking a 41.5% year-on-year (YoY) jump from Rs 388 crore in the same quarter last year. Revenue from operations also climbed 26.2% YoY to Rs 2,057 crore compared to Rs 1,629.55 crore in Q2 FY25.On a sequential basis, the performance was even more striking. Net profit more than doubled, rising 122% from Rs 247 crore in Q1 FY26, while revenue rose 5% from Rs 1,960 crore.Despite the upbeat financials, investors appeared to lock in gains, leading to a price correction. A total of 4.54 lakh shares were traded on the BSE during the day, reflecting heightened activity.Operational metrics:Gross NPAs improved to 3.97% from 4.13% in Q1.Net NPAs improved to 1.97% from 2.06%.Loans sanctioned surged 86% YoY to Rs 33,148 crore as of September 30, 2025.Disbursements rose 54% YoY to Rs 15,043 crore.Loan book outstanding stood at Rs 84,445 crore, up 31% YoY.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

CoinDCX, India’s leading crypto exchange, has announced that Coinbase has agreed to invest in CoinDCX. The completion of funding, which is subject to regulatory approvals and other customary closing conditions, is an extension to the last fundraise, and once completed, the company's valuation will stand at $2.45 billion post-money. This new capital infusion reinforces CoinDCX’s strong position in India’s digital asset space and strengthens its commitment to making crypto accessible in a simple, secure, and compliant manner. Also Read | Mutual funds increase cash allocation by Rs 1,139 crore to nearly Rs 2 lakh crore in September The company has expanded into the Middle East and North Africa (MENA) region through the acquisition of BitOasis in 2024. The fresh capital will be used to fuel product innovation, drive user growth, expand into new geographies, and deepen educational initiatives.“India and the Middle East are among the most dynamic regions for crypto adoption and innovation. We’re excited to support CoinDCX’s continued growth and look forward to expanding our partnership in the months ahead,” said Shan Aggarwal, Chief Business Officer, Coinbase."Coinbase has been an investor in CoinDCX since 2020. Its decision to infuse more capital is a strong validation of CoinDCX’s long-term vision and responsible growth strategy. Coinbase is globally recognized for building compliant-first crypto businesses. We see strong synergies with Coinbase in building a compliant and regulatory-friendly crypto ecosystem in India, MENA and beyond," said Sumit Gupta, Co-founder, CoinDCX. Coinbase is a leading platform for the global onchain economy, empowering millions of users in 100+ countries to access, trade, and manage digital assets. With a mission to increase economic freedom worldwide, Coinbase provides secure and trusted products and infrastructure for individuals, institutions, and developers to engage with crypto assets and build the future of finance.Also Read | Gold vs Silver: Which one deserves a place in your portfolio this Diwali?CoinDCX is backed by world’s leading investors including Polychain, Bain Capital, Jump Capital, Pantera, Steadview, Kingsway, Draper Dragon, R Capital, Kindred, Block.One, and Cadenza amongst others. The company also boasts a talent base of over 400 employees. Additionally, CoinDCX is the first exchange to be FIU registered and is ISO 27001:2022 certified.