The drastic lowering of ambitions for the IPO - which would still be India's largest to date - is a setback for Prime Minister Narendra Modi's administration which had positioned the sale as the first and biggest of a wave of privatisations aimed at replenishing state coffers.
"Investors have become very risk averse in the last few months. After roadshows we realised there was no point in putting high valuation up front. Higher valuation can be discovered post the listing. After all the government will still hold nearly 95% of the issue," said the source.
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