NSE to remove price bands of 6 state firms
Country’s leading bourse National Stock Exchange (NSE) has decided to remove price bands from securities of six state-owned companies, including Oil India, Bharat Electronics and Engineers India Ltd, from today.
The decision to remove price bands, which limit the maximum upward or downward movement in a share during a day’s trading within a pre-determined range, has been taken by NSE after a periodic surveillance review in consultation with Sebi.
The six companies whose stock would not be subjected to a price band also include Container Corporation of India (CONCOR), National Aluminium Company (NALCO) and Shipping Corporation of India (SCI).
“Based on surveillance review and pursuant to a decision in the meeting held at Securities and Exchange Board of India (Sebi), it has been decided that no band will be applicable to the following security with effect from February 4, 2013 (Monday),” NSE said in a circular issued on Friday.