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Share prices go haywire at BSE due to technical glitch

Share prices of many companies, including blue chips like Reliance Industries and TCS, on Friday displayed weird movements with huge gains and losses of up to 20 per cent at BSE due to an early morning technical glitch.

twitter-logoPTI | July 15, 2011 | Updated 17:56 IST

Share prices of many companies, including blue chips like Reliance Industries and TCS, on Friday displayed weird movements with huge gains and losses of up to 20 per cent at BSE due to an early morning technical glitch.

Brokers said that weird quotes were shown at BSE for many Sensex stocks in early morning trade, due to which the benchmark index also showed a sudden movement of over 1,000 points, although the trading was otherwise limited to a much smaller range during the day.

The stocks whose share price were affected by the glitch also included SBI, HDFC Bank, Hero Honda, Bharti Airtel, ICICI Bank, Jaiprakash Associates, Tata Steel, BHEL and DLF.

At BSE, RIL was shown having surged 20 per cent to as high as Rs 1040.25, as also down by nearly 20 per cent to its 52-week low of Rs 693.55. This sharp movement happened in early morning trade, after which the stock was trading mostly between Rs 865 and Rs 875.

Similarly, TCS was also shown to have risen 20 per cent to Rs 1350.30 and also dropping by 20 per cent to Rs 900.25.

Otherwise, overall the stock was trading with a gain of about 2 per cent.

In comparison, these stocks were seen trading in the range of up to 3 per cent gain or loss at NSE.

Later in a circular, BSE said that "due to certain technical glitches the pre-open matching system has been impacted".

"In order to ensure fairness and transparency in the price discovery mechanism," BSE said, it decided to cancel all pending orders emanating from the pre-open session, which is conducted between 9 to 9.15 am.

It also decided to annul all trades emanating from the orders from the pre-open session.

Brokers said the weird quotes on BSE might not have much impact as they went largely unnoticed as the vast majority of trading volume in these large cap stocks happens at NSE.


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