Tata Capital IPO: Why GMP fell to alarming levels despite 'subscribe' calls from 15 brokerages?

Despite 15 brokerages recommending Tata Capital's Rs 15,512 crore IPO, its grey market premium (GMP) has fallen to around 3%. This subdued sentiment is attributed to fair IPO pricing, concerns from a recent merger impacting asset quality, and a crowded IPO market stretching investor liquidity, suggesting a cautious approach to short-term gains.