Ultratech Cement, Tata Motors, shares drop on unusual trades
41,863 shares took place at an average 1,853.80 rupees, also well below where shares were trading at the time.
Both trades took place around the same time.
The trades were far smaller than the erroneous ones by Emkay in October.
The block sales in Tata Motors comprised about 0.1 percent of the automaker's total shares in free float. For UltratTech the proportion was even smaller.
The falls in both were well within the 20 percent moves that are allowed for stocks that also trade in the futures and options markets before circuit breakers are designed to kick-in.
"It seems like possibly somebody has done a freak trade in Tata Motors and UltraTech because in large cap stocks the bid-ask gap is not huge," said G. Chokkalingam, chief investment officer at Centrum Wealth Management.
The falls on Friday also revived concerns about whether Indian exchanges are equipped to deal with potentially much bigger incidents of the type if not the magnitude of the Wall Street "flash-crash" of May 2010.
In April last year a sudden drop in NSE futures jolted investors, although the NSE said it was not caused by an erroneous trade.
During the $2.6 billion auction of shares in state-run Oil and Natural Gas Corp last year the websites of the two main exchanges failed to update bid activity after 3:20 p.m., 10 minutes before the close of the auction, leaving investors in the dark for several hours.
In December the Securities and Exchange Board of India (SEBI) unveiled a new set of measures aimed at avoiding sudden
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