Over 40 per cent of the stocks put under surveillance by the Bombay Stock Exchange (BSE), effective today, witnessed a 3 to 50 per cent fall in prices since the announcement was made by the exchange on February 15.
BSE had announced putting over 170 shares under the trade-to-trade segment. Market players said the sharp fall in the prices indicated speculators were trying to exit these counters.
Under the trade-to-trade segment, no intra-day squaring off of position is allowed and stocks attract a five per cent circuit filter.
Market players said this was one reason for speculators to exit the counters. Exchanges put stocks under surveillance after observing price manipulation or unusual trading pattern.
| SOUTH-BOUND Top fall on BSE in Rs | ||
| Company | Price | % fall |
| Thinksoft Global Services | 271.55 | -47.16 |
| Pasupati Fincap | 21.10 | -30.25 |
| Mediaone Global Entert | 69.05 | -22.50 |
| Hathway Bhawani Cabletele | 1093.00% | -22.43 |
| Radhe Devlopers | 450.00% | -22.15 |
| Narendra Properties | 33.79 | -20.4 |
| IndiaNivesh | 482 | -19.64 |
| % fall over five trading sessions | ||
Apart from Thinksoft Global, where market operators from Ahmedabad are believed to have exited the counter after massive price rigging, other stocks which fell sharply include Pashupati Fincap (down 30 per cent), Mediaone Global Entertainment and Hathway Bhawani Cabletele, both down 22.5 per cent, Radhe Developers (down 22.15 per cent), Narendra Properties (down 20.40 per cent), India Nivesh (down 20 per cent) and Avon Corporation (down 17.5 per cent), among others. Trading volumes at these counters plunged significantly, too.
Other prominent stocks such as Dhampur Sugar, Decolite Ceramics, Al Champdny, Pradeep Metals, Matra Realty and Reliance Media World fell over 11 per cent. All these stocks had witnessed a sharp rise prior to the announcement of their being shifted to the trade-to-trade segment.
Interestingly, of the over 170 stocks put under surveillance, 23 were not traded at all in the last five trading sessions.
On the other hand, the shares recording a sharp rise in the past five trading sessions before they would go under surveillance, included Sika Interplant Systems (up 28 per cent), Prism Informatics (up 27 per cent), Vas Infrastructure (up 25 per cent) and Indo Asian Finance (up 24 per cent).
