Select shares shifted to T group slip on the bourses

BF Utilities, Atul Auto, Career Point, IFGL Refractories, Shalimar Paints and TRIL are down 1-5% on the BSE.

Shares of select companies are trading lower by up to 5% on the bourses in otherwise firm market after the stock exchanges shifted them to trade-to-trade segment as part of a surveillance review to safeguard the interests of investors in the capital market.

BF Utilities, Atul Auto, Career Point, IFGL Refractories, Shalimar Paints and Transformers and Rectifiers are trading lower in the range of 1-5% on the Bombay Stock Exchange (BSE).

The BSE has shifted 64 securities to the trade-for-trade or 'T' group, while the National Stock Exchange transferred 35 stocks to this segment from November 29, the exchanges said in separate circulars.

In the trade-for-trade segment, no speculative trading is allowed and delivery of shares and payment of consideration are mandatory. Price movements of these stocks will be restricted to a maximum of 5%.

The transfer of these securities to trading and settlement on a trade-to-trade basis "is purely on account of market surveillance and it should not be construed as an adverse action against the concerned company, the BSE said in a notice.

Most of these stocks have seen spectacular up move in past two and half months.

Among the individual stocks, BF Utilities was down 2.3% at Rs 317 on the BSE. The stock opened at Rs 323 and touched a low of Rs 310 so far.

Shares of electric utilities maker had rallied over three-fold to Rs 394 on November 20, from its 52-week low of Rs 118 touched on August this year.

Shalimar Paints was locked in lower circuit of 5% at Rs 88.85 on BSE with no buyers were seen on the counter.  The stock had been more than doubled, closed at  Rs 100 on November 25 from its 52-week low of Rs 49 on September 4, 2013.