Trading in derivative contracts of Essar Oil, Bongaigaon Refinery and six other companies have been banned at the National Stock Exchange.
As per a NSE circular, the derivative contracts in the underlying Essar Oil, state-run Bongaigoan Refinery, Tata Teleservices (Mah), JP Hydro, Reliance Petroleum, NIIT Technologies, IFCI and Adlabs Film are currently in the ban period.
Trading in these companies were banned as they have crossed the 95% of market-wide position limit and consequently restricted from making any fresh contracts.
In the cash segment the scrip of Essar oil witnessed a whopping jump of over 312.55% in a month. From the levels of Rs 53.75 quoted on October 26, the scrip moved to Rs 221.75 as on November 27, a jump of Rs 168.
Similar movement was witnessed in the scrip of Bongaigaon Refinery. The shares of the company increased from Rs 61.85 as on October 26 to Rs 98.95 quoted on November 27, a jump of Rs 37 or 60%.
Essar Oil stock has witnessed a turnover of over Rs 420 million in the first few hours of trade today even as the scrip is trading down 2.10% at Rs 217.10 on the BSE.
While shares worth over Rs 1.57 million of Bongaigaon Refinery had changed hands at the BSE in the morning trade, the scrip was trading down 0.81% at Rs 97.75.
The circular informed that all members shall trade in derivative contracts of Tata Teleservices, JPHydro, RPL, NIIT Tech, IFCI, Adlabs Films and GMR Infrastructure only to decrease their positions through offsetting positions and any increase in open positions would attract appropriate penal and disciplinary action.
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