Investor interest in unlisted shares has significantly declined, with trading volumes dropping by 40-70% from late 2025. Hitesh Dharawat, founder of Dharawat Securities, attributes this slowdown to several factors, including a lack of quality companies, high valuations, and concerns surrounding specific firms. Notably, shares of companies like Oravel Stays (Oyo) and Hero FinCorp have fallen by 13-28% in 2026. Conversely, stocks in high-growth sectors, such as the Metropolitan Stock Exchange of India and Chennai Super Kings, have seen increases between 9-64% this year. Krishna Patwari, managing director of Wealth Wisdom India, noted that the trading activity is now concentrated in a few select stocks, with the National Stock Exchange (NSE) accounting for nearly 60% of the remaining market size. The previous bull market was characterized by high liquidity and a strong IPO pipeline, which has since diminished, leading to fewer companies successfully raising funds through private placements. Experts suggest that a revitalized secondary market could stimulate IPO activity and increase trading in unlisted shares.