Trading in stock futures of Ruis-led Essar Oil, state-run lender Industrial Finance Corporation of India (IFCI) and five other Companies have been banned at the National Stock Exchange.
The derivative contracts in the underlying Essar Oil, IFCI, Rajesh Exports, Adlabs Film, Arvind Mills, Nagarjuna Fertilisers and Bongaigoan Refinery are currently in the ban period, a NSE circular said on Wednesday.
These Companies have been banned from trading as they have crossed the 95 per cent of market-wide position limit and consequently restricted from making any fresh contracts, the circular added.
In the cash segment, the scrip of Essar Oil witnessed an over 411 per cent surge in the last two months. From the levels of Rs 58.20 quoted on October 5, the scrip has moved to Rs 297.60 as on December 4, a jump of Rs 239.40.
Similar trend was witnessed in the scrip of IFCI. Its shares soared from Rs 85.40 as on October 5 to Rs 104.25, quoted on December 4, a jump of Rs 18.85 or 22.07 per cent.
Essar Oil stock registered a turnover of over Rs 23.84 crore in the first few minutes of trade today even as the scrip is trading down 0.14 per cent at Rs 296.40 on the BSE.
IFCI's turnover in the first few minutes of the morning trade was over Rs 13.17 crore, the scrip was trading up 1.53 per cent at Rs 105.85 on BSE.
The circular said all members shall trade in derivative contracts of Essar OIl, IFCI, Rajesh Exports, and others only to decrease their positions through offsetting positions. Any increase in open positions would attract appropriate penal and disciplinary action, it added.
Source: Financialexpress.com
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