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The news of BNP Paribas suspending redemptions in some of its funds cast a shadow on its local partner Geojit Financial Services. According to brokers, the stock, which was trading at Rs 45 at 1.15 pm, suddenly wilted under selling pressure with heightened trading volumes. Following the news, institutions and a big investor have offloaded quite heavily in the stock. Geojit stock, after opening at Rs 44, hit a intra-day high of Rs 46.75 but settled at Rs 41.70, a drop of 3 .92 per cent over the previous day’s close of Rs 43.40 on the BSE. Traded volumes stood at 5.45-lakh shares against two-week average of 1.17-lakh shares. On the NSE, it closed down 3.68 per cent at Rs 41.90 with 9.09-lakh shares changing hands of which 31.8 per cent was presented for delivery.

The French banking group BNP Paribas had picked up 33.35 per cent equity stake in the Kerala-based retail broking firm Geojit Financial Services for Rs 207 crore. As at the end of June quarter, the French major held 27.18 per cent in the company.

K.S. Badri Narayanan

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