From ₹800 to ₹1,343: NSDL shares deliver 68% returns in just three days

After a strong debut on the BSE, shares of NSDL continued their upward momentum, with the country’s oldest and largest depository delivering stellar returns of up to 68% to shareholders in just three days. In contrast, its rival Central Depository Services (India) Limited (CDSL) saw only a modest gain of 1.3% over the same period. Meanwhile, benchmark indices the BSE Sensex and the NSE Nifty declined nearly 0.8% each in the past three days amid persistent concerns about steep U.S. tariff hikes on India.

Continuing its gaining streak for the third consecutive session, NSDL shares rose by as much as 19.5% to hit an intraday high of ₹1,342.60 on the BSE today. The market capitalisation of the company rose to ₹26,770 crore, with more than 4.8 crore shares changing hands over the counter.

At the current level, NSDL shares are trading 68% higher than their initial public offering (IPO) price of ₹800 apiece, making investors richer by ₹10,770 crore in three sessions.

On August 6, NSDL shares debuted at ₹880 on the BSE, a premium of 10% over the issue price, and ended 17% higher at ₹936 apiece on the first day of trading. On the second day, NSDL shares rallied 20% to settle at ₹1,123.20.

NSDL raised ₹4,011.60 crore by public listing of its shares, with its IPO being subscribed 41.02 times, receiving bids for over 144 crore shares worth ₹1.15 lakh crore against 3.51 crore shares offered.

The public issue was booked 103.97 times in the qualified institutional buyer (QIB) segment, followed by 34.98 times in the non-institutional investor (NII) segment. The quota reserved for retail investors was booked 7.76 times, while the employee portion was subscribed 15.42 times.

The NSDL IPO was completely an offer for sale of 5.01 crore shares by existing shareholders, including IDBI Bank, NSE, SBI, HDFC Bank, Union Bank of India, Canara Bank, and others.

NSDL was established in 1996 with the backing of prominent institutions such as the National Stock Exchange (NSE), IDBI Bank, and Unit Trust of India (UTI), laying the foundation for India’s capital market infrastructure. It is focussed on large institutional clients, including foreign portfolio investors (FPIs), custodians, and mutual funds.

As of March 2025, NSDL managed ₹464 lakh crore in assets under custody (AUC) through a network of 65,391 depository participants’ service centres. In terms of market share, NSDL commanded a 73.04% share in unlisted equity companies, 66.03% in dematerialised share settlements, and 65.27% in active instruments in FY25.

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