India, Sept. 28 -- India's depository stocks had emerged as major beneficiaries of the rapid expansion in demat accounts, retail participation and capital-market activity. However, the sharp rally in both National Securities Depository Ltd (NSDL) and Central Depository Services (India) Ltd (CDSL) also resulted in elevated expectations around future earnings. As growth began to moderate and operating costs increased, both stocks saw a meaningful valuation correction.

With a market capitalisation of Rs. 15,240 cr, the shares of National Securities Depository Ltd closed at Rs. 762 per share, down from its previous close of Rs. 772 per share. The stock made a high of Rs. 1,425 per share, representing a 46% discount to its current price.

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