Emkay Global extends fall, tanks 27% in 3 days

| | Updated on: Oct 09, 2012

Falling for the third day in a row, shares of Emkay Global Financial Services today tumbled 10 per cent, taking the total losses over the last three sessions to 27 per cent.

Shares of the company fell 9.82 per cent to hit the lower circuit limit of Rs 25.25 on the BSE.

On the NSE, the scrip was down 9.84 per cent to Rs 25.20.

The company had admitted an error on its part for the 900-point flash crash of the NSE index Nifty on Friday morning, and said it would help the stock exchange in probe into the matter.

The Nifty on Friday morning fell by about 900 points within seconds in a flash crash like situation, which led to a halt in trading at NSE for about 15 minutes.

In a clarification to the stock exchanges, Emkay Global yesterday said, “On October 5, while executing an order to transact a Nifty cash basket, in Nifty—50, a dealer committed a bonafide error.

“The error was in entering the value of the order as the quantity of Nifty-50 basket to be transacted. The order got transmitted to the NSE trading server as a single large Nifty basket order comprising Nifty 50 stocks.

“Immediately on realising the error, we promptly got in touch with the NSE and kept in touch with them to coordinate all future course of action until the entire erroneous outstanding position was closed out.”

Published on March 12, 2018

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