Sail Quoted At 20 Paise On Cse, Bourse Cancels Deals

The Calcutta Stock Exchange (CSE) authorities yesterday expunged the quotations of the Steel Authority of India Ltd (SAIL) for 20 paise, 30 paise and Rs 5 as it was found that it was a mistake by a selling member in entering the rate.

"It was a human error. Instead of punching in Rs 7.20 as the selling rate for SAIL, the concerned person punched in only Re 0.20 paise, Re 0.50 paise and Rs 5 as the selling rate for the stock," said Kamal Parekh, president, CSE.

"Our surveillance department detected the error and immediately brought it to my notice around 1.00 PM," he added.

Soon after, the CSE president took the decision to cancel the deal and informed the members accordingly leaving no scope for confusion.

CSE authorities, however, refused to disclose the name of the person or the broking outfit the erring member is associated with.

CSE brokers were taken by surprise yesterday when the C-STAR terminal showed the stock of the Steel Authority of India Ltd quoting at 20 paise, 30 paise and Rs 5. "The SAIL stock, which was quoting around Rs 7.40 at the exchange and other bourses also, suddenly came down to be traded at a low of 20 paise at around 12.15 PM without attracting the attention of the circuit filter initially," said a broker member.

Before more transactions could take place, exchange officials cancelled the deal.

After touching an intra-day low of Rs 6.10, the SAIL stock closed at Rs 7.20 at the end of the trading session.