India's Stock Exchange 'Closes' After State Bank 'Flash-Crash'

Tyler Durden's picture

While we have grown accustomed to the daily gyrations on mega-volume in the US equity markets, it seems the HFT-virus has spread as far afield as India this evening. India's National Stock Exchange was halted - with no price dissemination - as State Bank of India plunged over 14% in seconds on massive relative volume (and HDFC and Infosys also fell), dragging the Nifty Index down 3%. Of course, the 'error' is being investigated and SBIN has recovered its losses...

  • *STATE BANK OF INDIA SHARES FALL 14% ON NATIONAL STOCK EXCHANGE
  • *INDIA'S NIFTY INDEX EXTENDS DECLINE TO 2.8%
  • *NATIONAL STOCK EXCHANGE SAYS VERIFYING SOURCE OF PRICE ERROR
  • *NATIONAL STOCK EXCHANGE SAYS NIFTY INDEX LEVELS NOT UPDATING
  • *INDIA'S NATIONAL STOCK EXCHANGE RESUMES TRADING
  • *INDIA'S SENSEX INDEX ERASES LOSS; GAINS 0.3% IN MUMBAI
  • *INDIA'S NSE SAYS `LOOKING INTO' THE FREAK TRADE

 

Sigh!

 

State Bank Of India - oops!

 

State Bank of India (smaller crash) close-up...

 

Source: Bloomberg