India's National Stock Exchange (NSE) is likely to price its long-awaited initial public offering at 1,700 rupees to 1,785 rupees a share, below an earlier marketed range of 2,000 rupees to 2,100 rupees. The exchange may also reduce the stake being offered to about 5.5% of the total equity capital from the originally planned 6%, after some shareholders backed out of selling their stakes at the lower price.