As the broader market grapples with a significant sell-off since the start of 2025, unlisted shares have also seen some correction, though not as sharp as their listed counterparts.

While a handful of stocks—those that experienced exceptional bull-runs in previous years or were affected by specific negative factors—have been more severely impacted, most unlisted stocks have faced moderate declines so far, analysts said.

Among the biggest losers in the unlisted market, Metropolitan Stock Exchange of India, which surged over 1100 percent in 2024, has declined over 40 percent in 2025 to Rs 7.5 per share. Matrix Gas Renewables and Motilal Oswal Home Finance followed, losing 31 percent and 26 percent, respectively. Notably, Matrix Gas fell around 6 percent in 2024, while Motilal Oswal Home Finance surged over 50 percent last year.

Other decliners include Hero FinCorp, which is down 25 percent so far this year after gaining 45 percent in 2024, and Apollo Green Energy, which has fallen 13 percent in 2025 after a 33 percent decline last year. HDB Financial Services has lost 11 percent year to date despite surging 40 percent in 2024, while Vikram Solar and Oyo have both declined around 10 percent each. Last year, HBD Financial Services gained 40 percent, Vikram Solar advanced 57 percent, while Oyo had already fallen by around 15 percent.

Meanwhile, some unlisted stocks have seen only marginal declines. Capgemini Tech and HDFC Securities have each lost around 7.5 percent year to date after gaining 24 percent and 1 percent, respectively, in 2024. API Holdings has fallen 7.2 percent after losing 15 percent last year, while Cochin International Airport is down 5.4 percent after surging over 92 percent in 2024.

Orbis Financial Corp and Chennai Super Kings have both declined 4.5 percent after rising 84 percent and 11 percent, respectively, last year. India’s largest exchange, NSE, has lost just 3 percent so far in 2025 after gaining over 143 percent in 2024.

Despite the broader selloff, some unlisted stocks have bucked the trend. Nayara Energy has jumped 16 percent, while NCDEX has gained 5 percent. Last year, Nayara Energy surged 346 percent, whereas NCDEX declined 27 percent.

Manan Doshi, Co-founder of UnlistedArena.com said although it may be too early to make definitive predictions, sector-specific shifts in investor interest cannot be ruled out. Stocks in the solar and green energy sectors, which had been market favourites in recent quarters, are now beginning to lose some of their luster. In contrast, there is a growing interest in exchange and exchange related eco-system stocks.

With the broader market correction, trading volumes in the unlisted space have significantly decreased. Going forward, it will be crucial to watch how the market continues to unfold and how the earnings reports from companies help guide the way forward, Doshi added.

Indian markets have seen a sharp decline so far in 2025 amid continued selling by foreign investors due to elevated valuations, slowing economy, weakening earnings growth, and global tariff wars following Trump’s election victory. Benchmark indices Sensex and Nifty have lost around 4.5 percent each year to date, while broader indices BSE MidCap and SmallCap have declined over 14 percent and 17 percent, respectively.

Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, stated that the decline in Indian markets is driven by both domestic and global factors. However, he noted optimism in the unlisted market, which has experienced a mild correction. Unlike the listed space, the unlisted market is less volatile due to its limited tradability and lower volumes, making it relatively insulated from external factors.

Despite this, Bathini remains cautious about investing in unlisted stocks. He highlights that such investments depend on an investor’s risk appetite and time horizon. Additionally, he points out that the unlisted market lacks liquidity, meaning buyers and sellers are not readily available. While this reduces volatility compared to the listed market, it also poses challenges for investors seeking quick exits.Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.