Tata Capital Ltd has fixed a price band of Rs 310–326 per share for its upcoming initial public offering (IPO), below its recent rights issue price and nearly 55 percent lower than its prevailing unlisted market price of Rs 735.

The stock, once quoted at Rs 1,075 in the grey market in early June, has slipped 32 percent in recent weeks on the back of heightened market volatility, a rights issue priced at Rs 343 in July 2025, and weakness across the financial sector. Unlisted shares had touched a peak of Rs 1,125 in April 2025, implying a nearly 70 percent erosion to the IPO band.

Market watchers point out that retail investors who bought heavily in the unlisted space—often at the urging of brokers—now face sharp notional losses. A similar pattern was seen in HDB Financial Services, whose

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