Mumbai brokerage blames 'technical issues' for share fall

A Mumbai brokerage on Saturday blamed technical problems for "unintended" stock market transactions, a day after there was an unexpected dive in the values of the shares of two major companies.

The statement came after India's National Stock Exchange (NSE) said on Friday that it would investigate what had prompted the surprise 10-percent plunge in the shares of Tata Motors and UltraTech Cement.

"Due to some technical issues in the software, unintended transactions got executed. There was no broker error and no loss to any clients," Religare Capital Markets said in a statement.

Shares of both Tata Motors and UltraTech Cement slid suddenly about half an hour before the market closed but they clawed back most of their losses within one to two minutes, dealers said.

Religare said the incident was being "investigated by the software supplier", adding that it had "discussed the matter with exchange officials".

The statement did not specify whether the unusual price movements involving Tata Motors and UltraTech Cement were carried out by Religare.

There was no immediate comment available from NSE which said on Friday that it would investigate whether a trading error had caused the fall in the stock prices.

India's market regulator, the Securities and Exchange Board of India, in December imposed order limits and tighter risk-management controls at stock exchanges to prevent free-falls or price manipulation by brokers.

This was in response to a more than 900-point "flash crash" on the NSE's benchmark Nifty index two months earlier, caused by erroneous trading orders which forced a brief halt to trading.

  • Treasure trove of British newsreels reveals Top Gear's ancestors 5 minutes ago
    Treasure trove of British newsreels reveals Top Gear's ancestors

    Long after television grew to dominate American and British homes, newsreel producer British Pathé kept at it, documenting the news of the day until finally ceasing production of new short films in 1970 after 60 years of effort. Last week, all of British Pathé's 85,000 films were put online — including dozens of fascinating, rare and often weird car films that resemble nothing so much as a jet-age Top Gear.

  • Nissan tests self-cleaning paint that could make car washes obsolete 1 hour 19 minutes ago
    Nissan tests self-cleaning paint that could make car washes obsolete

    During this vile, never-ending winter, motorists had three options to keep their cars clean: Shell out on regular car washes; slave away in the cold, wind and snow washing it yourself, or screw it and just drive a dirty car. I, like many, chose the last option. But if only I'd been able to test Nissan's self-cleaning car, all my troubles would have washed away.

  • Popular hot yoga myths debunked 7 hours ago
    Popular hot yoga myths debunked

    What’s the hottest new workout taking the world by storm? That would be hot yoga, also known as Bikram yoga. Conducted in a heated room with sweltering temperatures of about 40°C (or approximately 104° Fahrenheit) and 40 per cent humidity, … Continue reading →

  • Photo of a very thin Lee Kuan Yew sparks concern
    Photo of a very thin Lee Kuan Yew sparks concern

    A new picture of Singapore's first prime minister, Lee Kuan Yew, who is now 90 years old, has drawn concern from people on Singapore's internet space.

  • Waste oil collector struggles after STOMP posts, receives help from kind souls
    Waste oil collector struggles after STOMP posts, receives help from kind souls

    After being photographed at work in Jurong pooling used oil near coffee shops, 50-year-old Valerie Sim has been struggling to keep her family afloat. Web portals STOMP and The Real Singapore published pictures of her in February, triggering a witch hunt for others like her and comments from readers like “Who knows if they’ll use it as cooking oil?” Some readers also said they filed police reports against her and other people they believed were doing the same thing she was.

  • I tendered my resignation without securing the next job. Here’s why I don’t mind.
    I tendered my resignation without securing the next job. Here’s why I don’t mind.

    I have committed a taboo – I have tendered my resignation without securing the next job. The reactions to the announcement were varied but they all pretty much hint at a deep sense of disapproval. “Why did you do that?” It was as if I had renounced my faith. “What are you going to do from now on?” Almost as though a misfortune had incapacitated me. “What does your family have to say about it?” As if I had offered to cook for the next family dinner. I was, and still am, certain of my reasons and motivations for the resignation. However the response I received got me thinking about why people are so concerned about the gaps in their careers. The developed world evolved from an agricultural economy to an industrial economy to the service age, then to the knowledge economy in the late 1990s and 2000s marked by breakthroughs in technological innovations and competition for innovation with new products and processes that develop from the research community. According to The Work Foundation, the knowledge economy is driven by the demand for higher value added goods and services created by more sophisticated, more discerning, and better educated consumers and ... The post I tendered my resignation without securing the next job. Here’s why I don’t mind. appeared first on Vulcan Post.