BSE Shares Crash 6% as SEBI Approves NSE Expiry Shift; Goldman Sachs, Motilal Oswal Downgrade Stock

BSE shares fell sharply on the NSE on Wednesday, June 18, tumbling nearly 6% at the opening bell, after a major update regarding its derivatives trading schedule. The decline came after the Bombay Stock Exchange announced a shift in its weekly F&O expiry day. From 1st September this year BSE will move its weekly Sensex index derivatives expiry from Tuesday to Thursday.

SEBI recently gave approval allowing National Stock Exchange to move its own weekly F&O expiry from Thursday to Tuesday. With NSE, India's largest exchange by volume, grabbing the more lucrative Tuesday slot, BSE had little choice but to swap to Thursday. According to a notice issued by BSE, the exchange had formally applied to SEBI for permission to change its expiry day, and the request was recently approved by the regulator.

BSE Shares Today

On Wednesday, June 18, BSE shares slipped as much as 6% in early trade, hitting an intraday low of Rs. 2,500 compared to the previous close of Rs. 2,664. However, the stock quickly rebounded and was last seen trading at Rs. 2,643.30, down 0.79% for the day. Over the past five trading sessions, BSE shares have declined around 6%, though the stock still holds a strong gain of nearly 46% year-to-date.

BSE Share Price Target

Brokerages have turned cautious on BSE Ltd shares after the stock exchange announced a major change in its weekly F&O expiry schedule. Goldman Sachs cut its target price for BSE stock to ₹2,430, warning that the shift could lead to a 3 percentage point drop in BSE's market share and pose an 8% downside risk to earnings per share (EPS).

Motilal Oswal went further, slashing the BSE share price target to Rs. 2,300. The broking expects BSE's premium turnover market share, which was 22.6% in May 2025, to fall due to this shift. BSE currently sees the highest activity on Tuesday, contributing 38% of the week's premium volume. By moving expiry to Thursday, when activity is lowest at just 8%, the exchange risks losing significant trading volumes. As a result, Motilal Oswal expects a market share loss of 350-400 basis points.

Additionally, Motilal Oswal has reduced its average daily turnover (ADTO) estimates for BSE for FY26 and FY27 to ₹137 billion and ₹157 billion, down from earlier projections. It also cut BSE's earnings forecast by 9% for FY26 and 12% for FY27. After a strong rally in the stock, BSE now trades at a steep FY27E P/E ratio of 53x, which is much higher than its historical average and global peers.

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