Unlisted Stocks See Moderate Dip Amid Market Sell-Off:

Since the start of 2025, when the standard market had fallen significantly, non-listed stocks have experienced some correction as well, but nowhere near as dramatic as their listed counterparts.

Although there are a few stocks that have been greatly affected—either because they saw unprecedented bull-runs in preceding years or were negatively influenced by certain specific factors—most unlisted shares have recorded moderate dips so far, according to analysts.

Amongst the worst losers on the unlisted market are Metropolitan Stock Exchange of India. Its price per share fell from Rs 7.5 to over 40% in 2025 after rising more than 1100 % in 2024. This was followed by Matrix Gas Renewables and Motilal Oswal Home Finance which decreased by about 31% and 26% respectively. In particular, Matrix Gas went down about six percent in 2024 while Motilal Oswal Home Finance rose more than fifty percent last year.

In addition, Hero FinCorp is down by 25% ytd despite a 45% increase in 2024 and Apollo Green Energy has fallen by13% in 2025 after it had decreased by33% last year. HDB Financial Services has lost 11 percent this year despite an increase of 40 percent in 2024, while Vikram Solar and Oyo have dropped approximately ten percent each. Last year, HBD Financial Services gained about forty percent with the former going up fifty seven percent and the latter dropping about -15%.

However, some unlisted stocks have only seen marginal declines. In fact, Capgemini Tech as well as HDFC Securities have both lost around7.5% ytd previous to increasing by approximately24%, and1%, respectively, in 2024. API Holdings has gone down by7.2% following a decrease of15%, while Cochin International Airport has also plummeted at5.4% but rose more than92%in2014.

Orbis Financial Corp on the other hand reduced its value by precisely4.5%, Chennai Super Kings also declined from being up10 points to just0 when compared to84%. India's largest exchange NSE was only down3percent so far for the year though it had soared over143percent during2014

Although the markets were more bearish, some privately-held companies have done better than others. Nayara Energy has increased by 16%, and NCDEX is up by 5%. However, last year, Nayara Energy had surged by 346% while NCDEX had declined by 27%.

However, Manan Doshi, Co-Founder of UnlistedArena.com said it may be too early to say this with certainty but did not rule out the possibility of sector-specific shifts in investor interest. Solar power and green energy stocks that were market favorites for a couple of quarters ago are now beginning to fade away. In contrast, there is an increasing affinity for listed stock exchanges.

Trading volumes in unlisted space dropped significantly during the recent broad market correction. Doshi further argued that going forward it would be critical to see how the market continues to unfold and earnings reports from companies guide them ahead.

The Indian markets have fallen sharply this year with foreign investors continuing to sell their holdings on account of high valuations, slowing economy, falling growth in earnings, and Trump’s win at the general election which resulted into global trade wars. Sensex and Nifty benchmark indices have both now lost over four and a half percent year-to-date while BSE MidCap has gone down by over 14% in comparison to SmallCap which is down by 17 percent.

The Director of Equity Strategy at WealthMills Securities, Kranthi Bathini believes that the fall in Indian markets is driven by local and international factors. The unlisted market has witnessed some slight correction according to him. In contrast, there is lesser volatility in the unlisted market compared to the listed one because it has lower liquidity and volume; therefore external dynamics can hardly affect it.

Nevertheless, Bathini discourages investing in unlisted stocks based on these grounds. He believes that such investments depend on the risk profile of an investor as well as his or her investment horizon. Furthermore, buyers or sellers are not always readily available in the unlisted market owing to its illiquidity. Although this aspect lowers volatility when compared with publicly traded stock markets it makes it difficult for those who want quick exits out of their positions.