One of the lead petitioners in the case was Dhanera Diamonds, which was trading crude oil futures through their broker Motilal Oswal Financial Services, and took a big hit when prices turned negative. According to the judgment order, the petitioners had 2,965 barrels notional crude oil futures at the time of expiry on April 20, 2020. The petition asked the court to invalidate the trades, which happened at Re 1 per barrel, and argued that MCX had reduced trading hours to 5 pm during the covid lockdown, whereas the sharp collapse into negative territory happened later.
