National Stock Exchange of India Ltd., the operator of the world’s largest derivatives exchange by trading volume, has received a ‘sell’ recommendation just as it gears up to launch the country’s biggest initial public offering.
Dolat Capital Market Pvt., a local brokerage house, initiated coverage on India’s largest stock exchange with a bearish call, saying tighter regulations on the country’s equity derivatives market would crimp trading volumes and lead to a decline in its market share. As such, the rich valuations that the stock currently commands leave little room for upside, it added.
