63 Moons hits lower circuit after Bombay High Court rejects writ petition

The stock locked in lower circuit of 5% at Rs 131, down 7% from intra-day high on the BSE.

63 Moons Technologies (formerly Financial Technologies) was locked in lower circuit of 5% at Rs 131, down 7% from intra-day high on the BSE, after the company said the Hon'ble Bombay High Court has dismissed its writ petition on the National Spot Exchange Limited (NSEL) merger.

A combined 462,581 shares changed hands and there were pending sell orders for 1.1 million shares on the NSE and BSE till 02:58 PM.

"The Hon'ble Bombay High Court has dismissed our writ petition. However, it has granted 12-week stay on the operation of the merger order,” 63 Moons Technologies said in a statement.

“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,” it added.

On February 12, 2016, 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.

The company has challenged the Final Order before the Hon’ble Bombay High Court on March 28, 2016 by filing amended writ petition.

Since August 10, 2017, post April-June (Q1FY18) results, the stock had outperformed the market and rallied more than 100% from Rs 54.45 to Rs 138 on Friday, December 1, 2017. On comparison, the S&P BSE Sensex was up 4% during the same period.