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IOC order in ICICIDirect is an abbreviation for 'Immediate or Cancelled' order. It is a type of order validity that you have to select while placing a buy or sell order. The other options in order validity are 'Day' and 'VTC (Valid Till Cancelled).
IOC orders are immediately executed or cancelled if the price at which the order is placed is not available in the market. Partial orders may be executed if the price match is available.
For example, if you place a buy order for 100 shares of a company at Rs 50 per share and at the time only 70 shares are available then the system will buy 70 shares while the rest of the order for 30 shares will get cancelled.
If there are no shares available in the market at Rs 50 at the time order is a place, the complete order is cancelled.
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