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Nifty drops 271 points after Bharti Airtel trade at 3% discount
The closing auction session briefly yanked the index lower before it rebounded to close near its reference level, with Bharti Airtel’s indicative close hitting ₹1,857.7 soon after trading began.
LiveMint Markets reports that India’s Nifty 50 fell sharply at the start of the closing auction session (CAS) on Aug. 3, dropping 271.4 points, or 1.1%, to 24,005.5 within about 30 seconds after the session opened at 3:20 pm. The move came from a reference level of 24,276.9 set at 3:15 pm.
The sudden slump was linked to a large order in Bharti Airtel, the stock with the highest volumes during CAS. According to the report, the buyer placed a bid at a level 3% below the stock’s reference price, and the matching offer went through, despite participants finding the seller’s acceptance unexpected.
LiveMint Markets says the bid under CAS was ₹1,857.7 versus Bharti Airtel’s reference rate of ₹1,915.1. The outlet adds that an indicative close at the same discounted price was recorded about 35 seconds after the order session began, with the index then recovering as additional buyers entered.
By the end of trade, the Nifty recovered and closed at 24,207.75, only 0.28% below the reference by 3:30 pm. At the broader close, the report notes the Nifty finished 0.52% below Tuesday’s close, while the BSE Sensex ended 0.24% lower.
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