SBI Mutual Fund’s ₹1.3 Lakh Crore IPO Walks Into a Market That Has Forgotten How to Be Generous
The story of the SBI Mutual Fund IPO isn’t really about SBI Mutual Fund. It’s about whether the Indian primary market — battered by a three-month equity sell-off that has erased 12.4% from the NIFTY 50, pushing it to 23,114.5 as of March 22, 2026 — can sustain a ₹13,000 crore listing at a ₹1.3 lakh crore valuation without the institutional ecosystem that existed six months ago. The answer is genuinely unclear. Walk back through what happened. NIFTY was trading above 26,300 in December 2025. It has shed more than 3,200 points in roughly ninety days — not in a sudden crash, but in a slow, grinding compression that has … Read more