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!
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State Bank of India (smaller crash) close-up...
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Source: Bloomberg