Unlisted Shares Lose Steam: Volumes Down 40–70% From 2025 Peak

The unlisted share market, which had been buzzing through most of 2024 and 2025, has hit a rough patch. Trading volumes have fallen anywhere between 40% and 70% from the levels seen in the later part of 2025, with activity now concentrated in just a handful of stocks.

The drop comes against the backdrop of a wobbly secondary market, a pause in fresh issuances, and weak performance of recent initial public offering (IPO) listings. Brokers in the segment said that buyers are now far more selective about where they put their money.

What's Driving The Slowdown

The slowdown is being attributed to a mix of factors. According to brokers, a shortage of quality companies, elevated valuations, and concerns specific to individual companies have taken some of the steam out of the segment. On top of that, several recent IPOs have failed to deliver strong listing gains, making investors think twice before picking up shares at the pre-IPO stage.

One broker told Economic Times that trading volumes have come off nearly 40% from the peak seen around September and October last year. Another estimated the drop at around 70% when measured from the high of the bull market in September 2024.

Prices Have Followed The Mood

The thinning demand has dragged prices down too. According to data, shares of Oravel Stays (Oyo), Hero FinCorp, Imagine Marketing (Boat), Nayara Energy, and Zepto are all down between 13% and 28% so far in 2026.

That said, it has not been all bad news. Stocks of companies in high-growth sectors or those heading toward an IPO have continued to draw buyers. Metropolitan Stock Exchange of India, Chennai Super Kings, SBI Funds Management, and Parag Parikh Financial Advisory Services have risen between 9% and 64% this year.

Where The Action Is

A broker told Economic Times that trading in the unlisted space has narrowed down to a small set of names, with NSE alone accounting for close to 60% of what is left of the market. NSE shares were last traded at ₹2,010 on Wednesday, 13 May 2026, and are up 3.6% this year.

Apart from NSE, buying interest is still visible in Chennai Super Kings, Parag Parikh Financial Advisory Services, SBI Mutual Fund, IndusInd General Insurance, and Nayara Energy. Demand has, however, softened in sectors like defence, hospitality, and certain NBFC names.

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The Bigger Picture

During the bull run, the unlisted space was lifted by easy liquidity, a strong appetite for risk, and a robust IPO pipeline. These aspects have pushed up valuations.

In recent months, fewer companies have managed to raise money through private or pre-IPO placements. According to brokers, capital that typically gets unlocked after IPO listings tends to flow back into fresh unlisted bets, creating a steady cycle. With the secondary market under pressure, that cycle has clearly broken down for now. A stronger market, they noted, would likely revive IPO activity and bring trading volumes in the unlisted space back to life.

Source:

Economic Times