Technical snag hits BSE during trading - 2/7/09

There was a technical glitch on the BSE for 3-4 hours that led to circuit filters being removed. This saw a surge in some mid cap and small cap stocks on huge volumes. But the error was rectified during market hours.

Shares of Assam Company ended at Rs 15.37 after moving between a high of Rs 16.25 and low of Rs 14.81. The stock has an upper circuit of Rs 15.31 and lower circuit of Rs 13.19. But according to dealers, the stock price shot up to Rs 77.20 at 3.06 pm with the volume at 1,38,35,059 shares. However, the closing figures on the BSE website do not show the price or volume.

The stocks which saw such movement on the BSE were: EMCO ended at Rs 83.75 with the intra day high/low of Rs.88.30/81.45, while the circuit limits were Rs. 85.50/77.40. Ahaluwalia Co ended at Rs.91.20 with intraday high/low of Rs.102.80/87.25 while the circuit limit was Rs.91.20/82.60. Ackruti ended at Rs.515.55 with intra day high/low of Rs.545.00/505.00 whereas the circuit limits were Rs.534.90/484.00.

Although traders repose faith in BSE’s administrative and regulatory capabilities, today’s trade has cast doubts.

courtesy economictimes