Financial Technologies at three-month low

At 1123 hours, there are pending sell orders for 134,500 shares on the NSE and BSE.

Financial Technologies (India) is locked at the lower circuit for the second day in a row, down 5% at Rs 263 on the BSE, after Jignesh Shah, the chairman and managing director of the company was arrested on Wednesday in connection with the Rs 5,600-crore payment fraud at National Spot Exchange Ltd (NSEL).

Currently, the stock is trading at its lowest level since February 12 this year, in an otherwise firm market. At 1123 hours, a combined 566,806 shares changed hands and there are pending sell orders for 134,500 shares on the NSE and BSE.

Since April 29, the stock has declined 21% compared to a 0.57% rise in benchmark S&P BSE Sensex after the company said it has decided to postpone its decision for divesting 24% stake in the Multi Commodity Exchange (MCX) to May 10 as bidders did not submit binding bids.

MCX however, is trading  higher by 1% at Rs 503, after falling 5% on Thursday on the BSE. The stock touched a high of Rs 515 and a low of Rs 501 so far.