Bombay HC rejects objections to negative MCX crude prices during 2020 crash | Today’s news

One of the main plaintiffs in the case was Dhanera Diamonds, which traded oil futures through its broker Motilal Oswal Financial Services and took a big hit when prices went into the negative. According to the court order, the petitioners had 2,965 barrels of notional oil futures at the time of expiry on April 20, 2020. The petition asked the court to invalidate the trades that took place at Re 1 per barrel, arguing that the MCX cut trading hours to 5 pm during the Covid lockdown, while the sharp collapse into negative territory occurred later.