Financial Technologies plunges 9.46 pc on BSE

Financial Technologies plunges 9.46 pc on BSE

Reacting sharply to the Sebi's move, shares of Financial Technologies (FTIL) tanked 9.46 per cent in the start of the session to a four-week low of Rs 1,242 on the Bombay Stock Exchange (BSE).

Yesterday, Sebi had rejected the plea of MCX Stock Exchange Ltd (MCX-SX), saying shareholding norms had been violated and that its promoters lacked honesty.
FTIL shares also witnessed a steep decline on the National Stock Exchange and plunged 9.37 per cent to a low of Rs 1244.30.

"The fall in the shares is just the knee-jerk reaction as the investors became nervous after the Sebi rejected the MCX-SX application," CNI Research CMD Kishore P Ostwal said.
MCX-SX is promoted by India's largest commodity bourse MCX and another group company FTIL, and currently offers trading in currency futures only.

In April, MCX-SX had applied to deal in interest rate derivatives, equity, futures and options on equity and wholesale debt segments and all other segments where BSE and NSE have a presence.

Meanwhile, the 30-share benchmark Sensex also started the day on a weak note for the third consecutive session and was trading at 19,833.52, down 27.49 points from the previous close.

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