The Securities and Exchange Board of India has asked the Bombay Stock Exchange and National Stock Exchange to provide data of scrips traded on April 10 to analyse the reasons for the crash of the information technology scrips on that day.
Sebi chairman G N Bajpai, who was speaking to reporters during the conference on Association of Financial Planner, in Mumbai on Friday said that SEBI has asked the stock exchanges, including BSE and NSE, to provide data of scrips traded on April 10, 2003.
He said that the data would be analysed to know the reasons for the nosedive of the IT scrip on April 10. However, he did not tell by what time the data would reach SEBI.
The IT stocks went into tailspin on April 10 following the announcements of the results of Infosys Technologies on the same day.
Infosys posted a net profit of Rs 957.9 crore (Rs 9.57 billion) in the FY '03 as compared to Rs 808 crore (Rs 8.08 billion) in the corresponding period in last year.
The Infosys scrip shrunk by 27 per cent and closed the day at Rs 3,045 compared to Rs 4,158 a day earlier.
The BSE Sensex fell by 3.4 per cent, or 106 points to 3,035, the lowest since November 2002. Likewise, other IT stocks, Mastek crashed by 49 per cent, Wipro by 18 per cent, Digital by 18 per cent, HCL Tech by 16 per cent, Satyam by 16 per cent and Mphasis by 12 per cent.
To a query whether the Union finance ministry had asked capital market regulator to investigate the tech fiasco in the stock market on April 10, Bajpai said that he had not received any communication regarding this from the ministry.
Similarly for the tech stocks meltdown in NSE and other stock exchanges too on the same day.
The SEBI chairman said that the board would analyse the data to know the reasons for the plunge of the IT scrips in the market on April 10.
UNI