MUMBAI: Shares of Emami Infrastructure — the real estate arm demerged from consumer non-durables firm Emami — got listed on stock exchanges on Wednesday amid wild fluctuations in the stock price, and heavy trading volumes.
On the National Stock Exchange (NSE), the stock opened at Rs 598 and crashed to the day’s low of Rs 86 within the first hour of trading. Interestingly, on BSE, the stock opened at Rs 250, touched a high of Rs 293, before crashing to an intra-day low Rs 86.
A little over three crore shares changed hands on both exchanges combined. On the BSE, the stock closed at Rs 101.70, and on the NSE, it closed at Rs 104.80.
According to the demerger scheme, shareholders of Emami got one share of Emami Infrastructure for every three shares of Emami.
The huge volumes and sharp swings in the share price have intrigued day traders and shareholders. More so, the difference in the price at which the stock listed on NSE and BSE. Many brokers said this was the first time when there has been such a sharp difference in the listing price on both exchanges, and this was not the result of a freak trade.
“This could be a case of time lag,” said Priyadarshi Srivastava, institution equity sales, IDBI Capital. “There are brokers who have their servers directly connected to the NSE server; this enables them to execute large amount of trades within milliseconds, and prices move even before other traders can react,” he added. |