Shares of National Securities Depository Ltd. (NSDL) slipped more than 2% on Wednesday, September 3, trading at ₹1,258.20, as the company’s one-month post-listing shareholder lock-in period expired.
The expiry frees up nearly 7.5 million shares, or 4% of NSDL’s outstanding equity, for trading, according to estimates by Nuvama Alternative and Quantitative Research. At current market prices, these shares are valued at close to ₹1,000 crore, adding fresh supply to the secondary market.
Another 8 million shares (4% of equity) are set to become available for trading when the three-month lock-in period concludes on November 3.
Since its listing on August 6, 2025, NSDL has gained in 12 out of 18 trading sessions and continues to trade well above its IPO issue price of ₹800. The stock hit a post-listing high of ₹1,425 before moderating in recent sessions.
Market participants say the lock-in expiry is the key driver behind today’s correction, though the stock remains significantly above issue price, reflecting strong investor demand for India’s largest depository services provider.
