Bank of India shares fall intra-day on freak trade speculation
Mumbai: Shares of Bank of India Tuesday fell nearly 8 percent for a brief period on the National Stock Exchange during afternoon trade on speculation of freak trades, but recovered soon to end with gains.
The company's scrip tanked 7.8 percent to Rs 314 on the NSE for a brief period in afternoon trade. Later, it recouped the losses and ended at Rs 343.70, up 0.90 percent from its yesterday's close.
"Absence of physical settlement has seen another victim Tuesday in freak trade that is BOI," said Kishor P Ostwal, CMD, CNI Research.
The National Stock Exchange did not comment on the issue.
Last week, suspected erroneous sell orders in Tata Motors and UltraTech Cement stocks had pulled these counters down by 10 percent on NSE.
Religare Capital Markets had said software technical glitch caused some "unintended transactions" leading to erroneous sell orders in Tata Motors and UltraTech Cement shares.