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What will happen to my MIS/CO/BO position in case the stock Circuit limits are hit?

In scenarios where, you have opened a position in stocks using any of the Intra-day product types (MIS/BO/CO) and the stock hits circuit limits, the implications are as follows - 

For long positions(when the stock hits lower circuit) - There will be no buyers for your position at the lower circuit price. The position will converted to a delivery transaction. You can either sell the shares or chose to hold it. If you do not have the required funds, the position will be squared (stock will be sold) off the next day.

For short positions(when the stock hits upper circuit - There will be no sellers for your position at the upper circuit price. A short delivery auction will be held (as you've sold shares that you do not hold). Auction penalties can be up to 20% of the value of stock short delivered, which will be debited from your account.

Note - For long positions, in case, your POA hasn't been updated, even if you have the required funds, the shares will be sold the next day.