IFLEX updates

i-flex plunged 10.91% to Rs 1749.90 on concerns that market players may offload the scrip in the open market to the extent the shares tendered in the ongoing open offer by Oracle are rejected. i-flex December 2006 futures were also trading at a discount over the cash price The discount was huge on Wednesday when the December futures had settle at Rs 1644.45 compared to its spot closing price of Rs 1964.30. As per reports, market players had build up positions in the I-flex scrip to tender them in the open offer which was at a substantial premium to the offer price. The offer opened on 4 December and it closes on 23 December.