MCX shares dip on Motilal Oswal downgrade
MCX shares slipped almost 4% on Tuesday, even though the stock's been on a roll—up 44% in six months and over 58% in the past year.
The dip came as rising employee costs and slowing futures trading started to weigh on investor confidence.
Broker sets ₹8,300 target price for MCX
MCX had a strong start to FY26, with operating revenue up 59% and trading volumes jumping 77% year-on-year.
But big broker Motilal Oswal just downgraded the stock to Neutral, flagging ongoing cost pressures and slower volume growth.
They've set a target price of ₹8,300.
What's behind the downgrade?
Despite solid results, MCX is feeling the pinch from higher tech spending and more staff hires—costs that management says will likely keep climbing.
Plus, new product launches are delayed by regulations, adding uncertainty about future growth.
Motilal Oswal also trimmed their earnings forecasts for MCX for both FY26 and FY27.