The National Stock Exchange (NSE) has placed restrictions on six stocks/securities under futures and options (F&O) for trading ban on Monday.
Among six stocks Punjab National Bank (PNB), Vodafone Idea, Escorts and Steel Authority of India (SAIL) continue to be under the ban, however, the Indian Energy Exchange (IEX) and Indiabulls Housing Finance have been added to this list by the stock exchange, reported Mint.
As per NSE, these securities have crossed 95 per cent MWPL due to which they have banned under the F&Q section.
Indian Energy Exchange is country's premier energy exchange that provides a nationwide, automated trading platform for physical delivery of electricity, renewable power, renewable energy certificates and energy saving certificates.
Indian Railway Catering and Tourism Corporation (IRCTC), Tata Power, National Aluminum Company Limited (Nalco), were under the ban last week but now they are not on the list.
NSE says no fresh positions should be allowed for any of the F&Q contracts in that particular stock when it has been placed under the F&Q ban period. The idea of the stocks ban in F&O is to prevent excessive speculative activity. The stock exchange imposes an F&O ban when the aggregate open interest of a stock crosses 95 per cent of the market-wide position limit (MWPL).
IEX is down over 6 per cent today, while India Bulls Housing Finance plunges nearly 3 percent.