Emkay Global surges; resumes trading on NSE

Shares in Emkay Global Financial Services Ltd surged 9.9 percent after announcing the National Stock Exchange had re-instated its trading facility across cash, derivative and currency segments.

Gains come after Emkay’s erroneous trades had jolted markets on Friday, sending shares in the financial firm down by nearly 10 percent in each of the previous three sessions.

“We have now subjected all our trading and risk management systems to a further rigorous examination and have taken various steps to avert any such manifest error in future,” Emkay said in a statement.

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“We are well capitalized and continue to conduct our business for both institutional and retail clients,” it added.

Last Friday, trading in Nifty cash segment was frozen as circuit got triggered following a ‘fat finger’ trade while executing a basket sale of the Nifty-50 stocks.

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The NSE had disabled Emkay’s trading facility in cash and derivatives segments, pending review of the trades in question.

Reuters