Emkay bounces back on meeting financial obligations to NSE

The broking firm has met all its financial obligations to the NSE, arising from a set of erroneous trades that jolted domestic markets last week.

Emkay Global Financial Services has rallied almost 10% to Rs 27.70, bouncing back 22% from intra-day low on reports that the broking firm has met all its financial obligations to the National Stock Exchange, arising from a set of erroneous trades that jolted domestic markets last week.

The stock opened at Rs 25 and hit a low of Rs 22.70 on the NSE. The counter has seen huge trading volumes, with as many as a combined 485,195 shares have already changed hands so far against an average less than 25,000 shares that were traded daily in past two weeks.

“Emkay has fully settled those trades with the NSE, which acts as the clearing agent for counter-parties trading in its exchange,” the Reuters report suggests quoting an official at the financial firm.

 

The stock had lost 27% in past three trading sessions from Rs 34.50 after the company admitted an error on its part for the 900-point flash crash of the NSE index, the Nifty, on Friday, October 5, morning.