“Bearish on BSE shares, retaining an 'Underperform' rating with a target price of ₹2,940, implying over 13% downside from its previous close of ₹3,384. This negative view is driven by limited growth in the overall options industry, a ceiling on market share gains, potential 10% reduction in premium turnover due to RBI's tighter bank guarantee norms, and a possible management transition by June 2027.”

Jefferies Analysis’s track record: 3 graded calls · 95% CI 44–100%