Friday’s sharp drop in scrip prices of Ultratech Cement and Tata Motors has been attributed to a technical glitch by broker Religare Capital Markets.

In a statement issued on Saturday, Religare said that it uses third party software for execution of orders on stock exchanges. Due to some technical issue in the software, unintended transactions got executed towards the close of trading, it said.

There was no broker error and no loss to any client, and they had discussed the matter with exchange officials, said Religare.

It added that the matter was being investigated by the software supplier. Religare said that there was no impact on client business and it will operate normally on Monday.

On Friday, between 3:06 and 3:11 the scrips of Tata Motors and Ultratech Cement fell sharply to their intra-day lows on the NSE and the BSE (see table).

“The fall was within the SEBI prescribed limits and we are looking into it,” an NSE official had then said.

(This article was published on February 2, 2013)
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