No stock for you!

Want to purchase more Logix Microsystems stock in India? Hold it right there, says the Reserve Bank of India. As of today, RBI will allow no further purchases of shares of Logix Microsystems on behalf of foreign institutional investors will be allowed through Indian stock exchanges. RBI clamped the leash yesterday, upon finding that aggregate share holding of foreign institutional investors in Logix had surpassed the overall limit of 24 percent of capital.

Logix Microsystems is a software solutions provider specializing in areas such as CRM management, ERP, e-business strategy and application development. Among Logix clientele are GE, ABB, HP, Philips, LG Polymers, Hoechst and ABN AMRO. The firm’s Indian office is located in Bangalore, Karnataka.