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Freak trades caused by tech snag: Religare on NSE blooper

Religare Capital Markets on Saturday said software technical glitch caused some "unintended transactions" leading to erroneous sell orders on Friday in Tata Motors and UltraTech Cement shares, due to which they had briefly fallen by 10% on the NSE.

business Updated: Feb 03, 2013 20:59 IST
PTI
Hindustantimes

Religare Capital Markets on Saturday said software technical glitch caused some "unintended transactions" leading to erroneous sell orders on Friday in Tata Motors and UltraTech Cement shares, due to which they had briefly fallen by 10% on the NSE.

The brokerage firm further said that there was neither any broker error nor any loss caused to the clients, while the matter is being investigated by its third-party software supplier.

Tata Motors shares fell over 10% intra-day after six separate block deals comprising a total 20.7 lakh shares took place at an average price of Rs 274.92, according to NSE data. It finally closed at Rs 293, down 1.68%.

UltraTech shares also fell over 10% intra-day, after one block deal comprising 41,863 shares took place at an average price of Rs 1,853.80. It finally closed at Rs 1,870, down 1.71%.