Bank of India shares fall nearly 8% intraday on freak trade speculation

Bank of India shares today fell nearly 8 per cent for a brief period on the National Stock Exchange during afternoon trade on speculation of freak trades, but recovered soon to end with gains.

The company's scrip tanked 7.8 per cent to Rs 314 on the National Stock Exchange for a brief period in afternoon trade. Later, it recouped the losses and ended at Rs 343.70, up 0.90 per cent from its yesterday's close.

"Absence of physical settlement has seen another victim today in freak trade that is BOI," said Kishor P Ostwal, CMD of CNI Research.

The National Stock Exchange did not comment on the issue.

Last week, suspected erroneous sell orders in Tata Motors and UltraTech Cement stocks had pulled these counters down by 10 per cent on the NSE.

Religare Capital Markets had said software technical glitch caused some "unintended transactions" leading to erroneous sell orders in Tata Motors and UltraTech Cement shares.