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United Spirits extends fall after F&O exclusion on NSE

United Spirits has dipped nearly 4% to Rs 2,317 on the National Stock Exchange (NSE), after the exchange has excluded the company from its equity derivatives segment, since the company has not submitted results for 2013-14 and the quarter ended 30 June.

The exchange said fresh month contracts will not be introduced for the expiry month November 2014, on the expiration of August 2014 contracts and all existing contracts—those with expiry dates September 25 and October 30—will expire on September 18.

“United Spirits has not submitted financial results for the year ended March 31, 2014 and quarter ended June 30, 2014 as required under Clause 41 of the listing agreement, “ NSE said in a statement.

Accordingly, no futures and options contracts will be available in the underlying MCDOWELL-N for trading from September 19, it added.

On Wednesday, India Index Services & Products Ltd, an NSE-Crisil joint venture that maintains Nifty index, hours said in a statement that United Spirits will be excluded from the 50-share bluechip index, while Zee Entertainment Enterprises will be inducted in the index with effect from September 19, 2014.

In past two trading sessions the stock has dipped 5% from Rs 2,440 on NSE.  A combined 740,000 shares changed hands on the counter so far on NSE and BSE.


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