RIL plunges 20% in freak trade

rajeabc

Well-Known Member
#1
Any lucky person on this forum to catch reliance at 840 ?

MUMBAI: The BSE index plunged over 600 points, when shares of the most valued firm RIL tanked 20 per cent due to a faux pas over ICICI Bank share quotation.

Shares of RIL finally settled at Rs 1,011.55, down 3.21 per cent on the Bombay Stock Exchange.

According to marketmen, the freak sale happened after some trader off-loaded the company's stocks at an unbelievable level of Rs 840.55 against yesterday's close of Rs 1,045.05.

According to marketmen, a trader sold about 62,000 shares of RIL at Rs 840.55 per share, while the sale order was meant for ICICI Bank. The transaction pulled RIL down to its 52-week low.

Looks like there has been a freak trade, Bombay Stock Exchange spokesperson Kalyan Bose said.

However, trade in National Stock Exchange was free of this fluctuation. RIL closed at Rs 1,009.80, down 3.42 per cent on NSE.

Since RIL carries the most weight among the Sensex stocks, the index had fallen over 600 points at one point of time.

The BSE benchmark index today settled down 372.60 points or 2.20 per cent at 16,572.03.
 

superman

Well-Known Member
#2
I am wondering did the trader tried short selling .. ?
If yes then he is screwed ... I mean sell at 840 and the Buy at 1K that too 62,000 shares :eek:

BTW can it be canceled ... I mean i have seen some block deals for various shares .. can this go to it ..?
 

trader.trends

Well-Known Member
#5
At what time it happened.....Damn missed an opportunity
You might still get it at that price. Most freak highs and lows get traded again in a short span of time. The recent example being the freak low on Dow. It took less than 20 trading sessions to trade the freak low again.
 

rajeabc

Well-Known Member
#6
The opportunity was there for 40 milliseconds.... you would have to have the computing capabilities of a super computer with a direct line to nse to buy at that price. It was there for only a fraction of a second.
sirji ,
if he sold 62k shares then some one bought also without doing any calculation.
May be some fool like me(not now) so put their buy order without limit price (market price)
 

magnet

Active Member
#7
But didnt the system checked the price at which its trading....

Share trading at 1000 price and i m the seller and i sell my delivery share bimistake at 840 price.....Does it get counted as short sell or it would sell at the present low price of 1000
 

findvikas

Well-Known Member
#8
Stocks which are traded in F&O does not have any filter... Satyam hit bottom in one day and plunged over 90% in a single day. Dealers system have lots of privilege but special power comes with greater responsibilities. For retail investors as well, usually broker allow 10-15% range to place order, for example if ABC is trading at 100 they won't allow to place an order below 85 or 115 in case the filter is at 15% but this limit is set by broker's risk management team and not defined by SEBI/NSE/BSE when the stock is part of derivatives segment.

Talking about that fool who picked up those orders, they are market makers or so called caretakers of the support line. If they were not there then market might had seen a panic button triggered today and maybe 10% down in Nifty/Sensex at the closing :)
 
#9
I have seen that most of all freak trades which happened are proven true after some time. However the graph of reliance was damaged and I am sure that reliance will surely touch that 840 figure sooner or later.
 

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