Shares of BSE declined as much as 4% to their day’s low of Rs 3,268 on Wednesday after international brokerage firm Bernstein initiated coverage on the stock with an Underperform rating and a target price lower from current levels.
The Wall Street giant has pegged the target at Rs 2,820, implying a downside potential of up to 17% from the last closing price of Rs 3,394. The brokerage said the retail participation wave, led by equity derivatives, is showing signs of moderation, and BSE's market share gains are likely to peak out in FY27, after which growth is expected to normalise.
