Brokerages' shares come off highs amid hazy outlook, rising interest rates

Shares of leading listed brokerages have declined between 26% and 46% from 2022 highs

Shares of most brokerages have come off from this year’s high amid an uncertain outlook for Indian equities and rising interest rates. Shares of leading listed brokerages have declined between 26 per cent and 46 per cent from 2022 highs.

The last two years had seen brokerages clock a record addition of clients in the backdrop of a secular bull-run post the Covid-19 pandemic. The revenue growth for industry was more than 30 per cent in both FY21 and FY22. However, growth is expected to moderate to just 5 per cent this financial year. Rising market volatility and weakness in