Nithin Kamath warned about the unlisted market hype, saying he is hearing "some phenomenally stupid stories". "People are blindly punting on so-called 'pre-IPO' companies, hoping they'll make bigger gains than during the actual IPO," he said. "Greed is causing people to ignore some hard realities. These shares...come with 100-500% markups, ridiculous commissions and terrible pricing," he added.