From the clipping
“The issue is the illiquidity in CAS, which allowed buyers to legitimately place an order 3% below the reference price and for that order to be filled, which would be highly improbable in the continuous trading session.”
On the 3% band in a thin auction
On BSE monthly settlement, the Bankex 65000 put moved many times over in minutes as indicative closes in heavy bank names hit the lower band. The desk point in Mint was structural: CAS is thin enough that an order 3% below the reference price can be filled — a print that would be highly improbable in the continuous session.
The excerpt above is from Shai Coelho's remarks as published in Mint. The print clipping is shown as it appeared. Market commentary is educational and observational; it is not investment advice or a trading recommendation.