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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 and trading is halted for the day, the implications are as follows - 

For long positions - The position will be carried over if you have the required funds in your trading account. 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.

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

For short positions - A short delivery auction will be held (as you've sold shares which 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.