IFCI and NIACL shares fall amid NSE IPO premium decline

Shares of IFCI Limited and New India Assurance Company Ltd (NIACL) experienced significant declines during Tuesday trading. The downturn follows a sharp correction in the grey market premium (GMP) for the upcoming National Stock Exchange (NSE) initial public offering (IPO).

IFCI Limited shares fell by approximately 9% to an intraday low of ₹92.75, driven by profit booking after a recent rally. The company has indirect exposure to the NSE through its majority stake in Stock Holding Corporation of India Ltd (SHCIL), which holds a portion of NSE equity.

NIACL shares saw a steeper decline, dropping as much as 13.71% to an intraday low of ₹199.52. NIACL maintains a 1.42% stake in the NSE. The decline in these stocks coincides with the NSE IPO's grey market premium falling to ₹221 from ₹310 earlier in the week.