BSE's 140% rally cools; shares fall 4% as it slips to ASM Stage 1 watchlist

Shares of India's oldest bourse, BSE, slipped 4 per cent in Wednesday's intraday session after the stock was put under additional surveillance measures following a near 140 per cent surge in the last three months.  

 

The exchange's stock fell as much as 4.46 per cent during the day to ₹ 2,871.3 per share, the biggest intraday fall since May 22 this year. The counter has rallied 137 per cent since its March lows and is up 62 per cent on a year-to-date basis. Meanwhile, the benchmark Nifty50 is up 6.5 per cent so far this year. 

 

The stock pared losses to trade 4.1 per cent higher at ₹2,881.5 apiece, compared to a 0.44 per cent advance in Nifty 50 as of 1:10 PM. BSE's stock hit a life-high of ₹3,030 apiece on Tuesday (June 10, 2025) while its 52-week low share price is at ₹704.99. BSE has a total market capitalisation of ₹1.17 trillion, according to NSE data. 

 

 

BSE put under Stage 1 of ASM framework

The shares of BSE on the National Stock Exchange (NSE) were put under stage 1 of long-term additional surveillance measures. Stocks are moved to the ASM category based on certain criteria given by the NSE. 

 

The NSE said that the BSE's scrip price to earnings (P/E) is greater than 50 for the previous four trailing quarters. 

 

Given that the stock is under the LT ASM-1, 100 per cent of the traded value will get blocked as margins. Further, pledging of stocks under the ASM category is not allowed. These stocks are eligible for a staged exit after 90 days. 

BSE option premium volumes slip 

A decline in the option premium volumes also hurt investors' sentiments after the stock's stellar rally. 

 

According to reports, BSE's option premium volumes for the past five days fell to ₹10,824 crore against ₹15,865 crore in April and May. The probable reason for this drop is because of the crackdown by SEBI on hedge funds, reports said.   Track LIVE Stock Market Updates Here

Derivatives contracts expiry row

The Securities and Exchange Board of India (Sebi), earlier said it will limit the expiries of all equity derivatives contracts to two days per week, either Tuesdays or Thursdays. 

 

In January 2025, BSE moved its index options expiry to Tuesday, and NSE continued with Thursday expiries. This shift helped BSE gain notable traction in index options premium turnover, with its share rising from 16 per cent to 23.6 per cent in April, according to Goldman Sachs.

 

If Sebi permits NSE’s plea of Tuesday expiries, BSE will have to work to retain its recent gains in market share, analysts said. Goldman Sachs expects BSE to switch back to Thursday and see a decline in option premiums by 4 percentage points.