What is the difference between reference, last traded, and closing price?

Here is a simple breakdown of how these three prices differ:

• Last traded price (LTP): The price of the most recent trade, updating constantly throughout the day. It is never the official closing price.
• Reference price: A temporary anchor calculated from trades between 3:00 PM and 3:15 PM. It sets the allowed ±3% price limit for the auction.
• Closing price: The final official price calculated by matching buy and sell orders during the auction session.