New Delhi, Oct 14 (IANS) Shares of Polycab India continued to face selling pressure on Wednesday, trading 5 per cent lower in early deals after the National Stock Exchange notified that the stock will be removed from the equity derivatives segment.
The wire maker's stock plunged as much as 5.02 per cent to hit an intraday low of Rs 7,845 in morning trade on the BSE.
The company's stock had also witnessed selling pressure in Tuesday's session, declining 5 per cent during the day, after the exchange said no contracts will be available for trading for the stock with effect from December 30.
The NSE said contracts for new expiry months in Polycab will not be issued on expiry of existing contract months.
However, the existing unexpired contracts of expiry months October 2026, November 2026 and December 2026 would continue to be available for trading till their respective expiry dates and new strikes would also be introduced in the existing contract months, it added.
According to reports, after the expiry of existing contracts, further surveillance measures, including price bands and gross settlement under the IBC framework, will apply from January 1, 2027.
The move follows earlier exchange circulars dated August 7 and October 9, 2026, regarding securities under the IBC framework.
Earlier, the company said the National Company Law Appellate Tribunal (NCLAT) has stayed the October 7, 2026 order passed by the National Company Law Tribunal (NCLT), Ahmedabad Bench, admitting insolvency proceedings against the company over an alleged operational debt of Rs 2.79 crore claimed by Asier Metals Private Limited.
The stock has recorded a 52-week low of Rs 6,660.50 and a 52-week high of Rs 10,128.60 on the BSE.
--IANS
ag/
