At 12:05 p.m. on Wednesday, April futures contract of Welspun Corp saw 75,000 shares being sold within a minute. The price dropped from Rs 130.7 to Rs 112.15 within a minute, said analysts.
“This is a relatively illiquid counter but saw a change in open interest of 31.48 lakh shares on Wednesday,” said a derivatives analyst from an Indian brokerage. A total of 2,525 contracts worth Rs 64.36 crore were traded at a volume weighted average price of Rs. 127.45. “It could be a repeat what happened to the Nifty futures and Infosys futures last Friday,” said another derivatives analyst. The counter saw heavy action on April 23 and April 25 with more than 2,300 contracts each being traded on both these days.