Shares of Asia’s oldest stock exchange BSE Ltd., fell as much as 11% intraday on Thursday, which is its biggest single-day drop since listing in 2017. The stock, however, has recovered since then.

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The stock touched an intraday low of ₹1586.15, snapping a five-day losing streak in the process. Shares had risen 20% over the last five days to a record high of ₹1,828.

BSE's shares have tripled so far in 2023. The rally in the stock has made it the most expensive exchange stock in the world. You can read more on that here.

The price-to-earnings (PE) ratio has soared to 48.31 times its one-year forward earnings following the rally in the stock.

BSE is likely to record a net profit of ₹567 crore in the current financial year, compared to a profit of ₹221 crore last year, according to Bloomberg consensus estimate.

The rally in BSE shares was fueled by the announcement of increase in transaction charges in the equity derivatives segment by the bourse with effect from November 1.

According to IIFL Securities, the bourse has further headroom to increase the charges as these are still 25-40% lower than the rival bourse NSE’s.

Shares of BSE are trading 5.7% lower at Rs 1,687.35.

(Edited by : Hormaz Fatakia)

First Published:Oct 26, 2023 11:32 AM IST