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This is an archive article published on January 7, 2006

BSE reverses punching error in Tulip deal

The Bombay Stock Exchange on Friday stepped in and reversed the freak ‘‘25 paise’’ transaction in Tulip IT Services shar...

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The Bombay Stock Exchange on Friday stepped in and reversed the freak ‘‘25 paise’’ transaction in Tulip IT Services shares on the listing day.

The BSE announced that transactions below Rs 96 ‘‘will be deemed to have been transacted at a price of Rs 171.15’’.

On Thursday, several investors had lost over Rs 12 crore in the Tulip freak deal at 25 paise per share against the market the market price of Rs 185.

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After a detailed examination, the BSE decided that the cut-off price of Rs 96 has been arrived at by applying circuit filter limit of 20 per cent on the issue price of Rs 120 on the lower side on the lines of the existing practice of application of standard circuit filter of 20 per cent in the regular market.

The BSE said buy orders at a price higher than Rs 96 and matched against the said order will be deemed to have been transacted at such prices at which the trades were executed. ENS

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