The Hindu Business Line : IFCI stock down on bid confusion

Mumbai, Dec. 19 The IFCI stock on Thursday has to face the twin impact of the rejection by the IFCI Board of the Sterlite-led bid for 26 per cent equity stake in it, as well as the trading ban on it in the F&O segment.

Declining market

IFCI’s rejection of the Sterlite bid came after market hours on Wednesday. The confusion over bidding process had its impact on the stock, as it declined by 1.05 per cent today. It touched a high of Rs 107 during intra-day on the BSE.

On Tuesday, the stock fell 6.73 per cent in a declining market.

But until a couple of days ago, the stock had been gaining in view of the financial bids that were being considered for sale of 26 per cent stake in the company.

On Monday, December 17, IFCI had touched its 52-week high of Rs 121.20. A month ago, it was at Rs 98.55. (Its 52-week low was on December 20 last year, at Rs 10.75).

F&O ban

IFCI is among the eight stocks that have been banned for trading in the F&O segment for December 20.

The open-interest positions in this security have crossed 95 per cent of the market-wide position limit and is currently in the ban period. Clients/ members shall trade in the derivative contracts of this security only to decrease their positions through offsetting positions, a statement on the National Stock Exchange Web site said.

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