Bank of India shares fall intra-day on freak trade speculation

Shares of Bank of India today fell nearly 8% 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% 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% from its yesterday's close.

"Absence of physical settlement has seen another victim today 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% 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.