Religare Capital blames tech error for freak trades

A technology glitch at Religare Capital Markets caused "unintended transactions", the brokerage said on Saturday, a day after deeply discounted sale of large blocks of shares in Tata Motors and UltraTech Cement hit the markets.

NSE said on Friday it was investigating the block sales in two stocks, the latest in a series of unusual price movements to rattle the market.

"Religare Capital Markets Limited uses third party software for execution of orders on stock exchanges. Due to some technical issue in the software, unintended transactions got executed," the brokerage statement said.

"There was no broker error and no loss to any clients," it said, adding the matter was being looked into by the software provider. It said there was no impact on client business and the brokerage would operate normally on Monday.

Tata shares fell as low as Rs 268.25 before ending the session down Rs 5.49 per cent at Rs 281.64. Shares in UltraTech ended down 3.4 per cent.

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