Educomp hits market-wide position limit

MUMBAI: Educomp Solutions lost more than 5% after open positions in the stock crossed 95% of the market-wide position limit and NSE banned any increase in its open positions. On NSE, Educomp clocked volumes of Rs 436 crore to be the top traded stock. It lost 5.18% to end the day at Rs 2005.10. On BSE, it closed at Rs 2,000, down 5.56%. More than 11 lakh shares changed hands on BSE.

According to a NSE announcement, clients/members can trade in the derivative contracts of Educomp only to decrease their positions through offsetting positions. Any increase in open positions shall attract appropriate penal and disciplinary action.

Meanwhile, in another announcement, BSE has said that derivative contracts for BSE Metal Index would be discontinued as it has "ceased to fulfil the eligibility requirement". Hence, derivatives contracts for the far month (May 2009) would not be introduced on the metal index upon expiry of February 2009 contracts. The exchange, however, noted that the existing contract months (March 2009 and April 2009 contracts) would continue to trade till they expire on the last Thursday of their respective months.

Derivate contracts on India Cement, IndusInd Bank, Rural Electrification Corporation and Spicejet would also be discontinued, according to the BSE circular.

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