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Visualsoft drops on rumours on copyright violations
Partha P Sinha
A number of institutions, some FIIs included, were rumoured to have sold heavily in the Visualsoft counter on Thursday. There were rumours of the company facing a suit for copyright violations. Additionally, the market was also talking about its finance director quitting. After Visualsoft scrip on the BSE hit the 16 per cent lower level, the saviour was a big mutual fund already with high exposure in the company, dealers said.At the final count, on the BSE, the scrip closed at Rs 5986, down 8 per cent, against the day's low of Rs 5543. FII investments gives a ray of hopeTHERE just might be a ray of hope for operators who have built up large positions in the market if Wednesday's FII investments are any indication. The net FII figures for Wednesday was Rs 98 crore on a turnover of Rs 650 crore. The net inflows could be turning positive after the net outflow of over Rs 900 crore witnessed during June. Even as FIIs were pulling out money, the net outstanding position was burgeoning leaving a big gap in the market. With fund inflows from domestic mutual funds drying up, market players were looking forward to the foreign investor. But will the FIIs provide an exit route to the domestic operators? That's a billion dollar question, the answer to which will determine the movement of the market in days to come. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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