Wockhardt dips as stock retains in T2T group
Under the T2T segment, only delivery-based trading can be done and 100% value at risk margin is collected by the exchanges.
Wockhardt has fallen nearly 5% for the second day in a row and locked in lower circuit at Rs 1,572 on the BSE, after the stock exchanges retained the stock in trade-to-trade (T2T) segment as part of surveillance measures.
"As a part of surveillance measure the exchange transfers various scrips for settlement on a trade to trade basis,” the BSE said in a notice dated November 26, 2012.
Including Wockhardt, the exchange will shift 290 stocks to the T2T segment effective from Monday, December 3, 2012.
The BSE had transferred the stock to T2T segment from A group since August 31, 2012 in order to take "preventive surveillance measure to ensure market safety and safeguard the interest of investors
Under the T2T segment, only delivery-based trading can be done and 100% value at risk margin is collected by the exchanges.
If a scrip is shifted for settlement on T2T basis, selling/ buying of shares in that scrip results into giving/ taking delivery of shares at the gross level and no intra day netting off/ square off facility is permitted.
A combined 137,343 shares have already changed hands on the counter so far and there are pending sell orders for 19,428 shares on the BSE and NSE.