Trading in unlisted shares has slowed sharply in recent months. Market reports show that volumes have dropped between 40% and 70% compared to last year. This decline is linked to weak investor sentiment, fewer new issuances, and falling prices in several well‑known companies.
Shares of Oyo, Hero FinCorp, Boat, Nayara Energy and Zepto have lost between 13% and 28% in 2026. The poor performance of recent IPOs has also made investors more cautious about buying unlisted shares.
Even with the slowdown, some companies continue to attract strong interest. The National Stock Exchange, Chennai Super Kings, SBI Funds and Parag Parikh Financial Advisory Services have all gained between 9% and 64% this year. NSE alone accounts for nearly 60% of current unlisted market activity, showing how concentrated trading has become.
Sectors such as defence, hospitality and non‑banking finance companies have seen weaker demand. Analysts say that earlier enthusiasm was driven by high liquidity and strong IPO expectations. With those factors fading, trading has cooled.
Experts believe that a revival will depend on a stronger secondary market and a healthier IPO pipeline. Until then, activity is likely to remain limited to a few popular names while broader demand stays muted.