Financial Daily from THE HINDU group of publications
Saturday, Jan 07, 2006
Financial Daily from THE HINDU group of publications Saturday, Jan 07, 2006 |
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Stocks Markets - IPOs Info-Tech - Software Tulip IT Services: 25 p trades to be settled at Rs 171.15 Our Bureau
Mumbai , Jan. 6 THE BSE today said some trades executed at 25 paise in the shares of Tulip IT Services on Thursday will not be settled at this rate. The exchange said trades executed below Rs 96 would be transacted at Rs 171.15. This means that investors who bought shares at 25 paise will have to pay Rs 171.15 and sellers will get the money at such rate. BSE in a statement today said this price (Rs 171.15) has been decided taking the weighted average price of the trades executed at or above Rs 96. There is no change in the price for trades done above Rs 96. BSE said the cut-off price of Rs 96 has been arrived at by applying circuit filter limit of 20 per cent on the issue price of Rs 120 on the lower side on the lines of the existing practice of application of standard circuit filter of 20 per cent in the regular market. On Thursday afternoon, a sell order for a large quantity of shares was placed at a price of 25 paise. The sell order was matched against outstanding buy orders at various prices. Some buy orders were matched at 25 paise. This price was unrelated to the then prevailing market price and had a significant distortion effect on the trading in the shares.
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