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ASE official quits amid limits-up row

The Ahmedabad Stock Exchange said on Friday a top bourse official had resigned after a four per cent limit-up was imposed on share price rise.

Raju Desai, the executive director of the exchange, handed in his resignation on Thursday with immediate effect, ASE president Deepak Shah said.

Shah said a limit-up of four per cent was imposed on shares traded on the exchange on Thursday when the two-stage limit-up should have been 16 per cent under rules set by the Securities and Exchange Board of India, the national stock market watchdog.

Desai declined to comment on the matter.

Shah said the four per cent freeze prevented investors from participating in sharp gains in a number of shares on the Bombay Stock Exchange and other bourses.

The ASE has an average daily turnover of Rs 800-900 million and trades in about 40,000 shares.

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