FII limit curb pulls down MphasiS

DALAL STREET SPIKES

Software Service provider, MphasiS BFL ended 1.51 per cent lower after the RBI barred FIIs from fresh purchase in the stock without a prior approval. The stock ended at Rs 562.75 before hitting a day's high of Rs 589.95 on the back of thin volumes of 2,328 shares at the BSE.

FIIs investment in MphasiS has reached 22 per cent. The maximum FIIs investment allowed in MphasiS is 24 per cent.

Though there is scope for increase in FII investment in the stock, any additional purchases by FIIs can take place only with the prior permission of RBI. The counter has been extremely volatile since its quarterly results and bonus issue of 1:1. The stock after hitting the high of Rs 660 is currently trading 17.44 per cent lower at today's close.