Dear New2sm,
You have bought a power grid call, strike price of Rs.105 at a premium @ Rs.9. Today closing price of this call is Rs.3.40 that means you are lossing 5.60 x 3850. There is no link of spot price with squaring off of the position. However, if spot price will increase then call price will also increase simultaneously. Excerice option may be availed only when trading is not happening. If the trading volume is there you can square up position as and when you want to close the call either at profit or loss.