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Shares of 63 Moons Technologies today plunged 5 per cent to hit the lower circuit limit after the Bombay High Court dismissed its writ petition on the NSEL merger matter. The stock plunged 5 per cent and got stuck in its lower circuit limit of Rs 131.10 on BSE today. On the NSE as well, the stock fell to its lower circuit limit of Rs 131.20, down 5 per cent from the previous closing price. "The Honourable Bombay High Court has dismissed our writ petition. However, it has granted 12-week stay on the operation of the merger order," a company statement said. It further said that "we will be moving the Supreme Court during this 12-week period.
We have full faith in the judiciary and continue to believe that ultimately the truth and justice shall prevail." On February 12, the Corporate Affairs ministry had directed the merger of scam-hit NSEL with parent firm Financial Technologies India (FTIL), in a first-ever order to merge the two private companies. In the wake of Rs 5,600-crore payment crisis at NSEL, the ministry had sought merger of the bourse with FTIL as well as replacement of existing FTIL management. FTIL last year was renamed as 63 Moons Technologies.
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