SEBI says price movement unusual, Chidambaram calls it correction
By Our Markets Bureau | 07 Jan 2005
Mumbai: The Securities and Exchange Board of India (SEBI) today said that the movements in the stock market during the past two days were 'slightly unusual' and "we are keeping a close watch on the trading pattern".
"The movements in the market were slightly unusual and we are keeping a close watch and analysing the data", SEBI chairman GN Bajpai told newspersons at the Bombay Stock Exchange.
"We will take action for any inappropriate movement," he added.
The Sensex lost nearly 280 points in the past two days.
Meanwhile, speaking to reporters today on the sidelines of a business summit for overseas Indians, finance minister P Chidambaram said that a sharp fall in the stock market in the past days was a correction, and that the market had been orderly.