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Why is the BSE valued at only $350 million?

The valuation of Asia’s oldest stock exchange is a fraction that of market leader NSE. Is it justified?

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The goose that once laid golden eggs has since derated into a regular goose. Asia’s oldest stock exchange BSE and its benchmark Sensex make for excellent cocktail chatter, but over the past three years the exchange’s stock has delivered -9% annual return compared to Sensex’s 15% (See: Chasing the benchmark). After hitting an intra-day high of ₹1,200 on its listing day, the stock has been on a steady roll downhill. Shareholders who have held on since its IPO, priced at ₹806, have not seen any capital appreciation.

Will the BSE remain a regular goose forever?