Financial Technologies tanks over 65% as NSEL suspends contracts
The stock has fallen over 76% from Rs 765 on July 12 as compared to 2% drop in benchmark S&P BSE Sensex.
Financial Technologies (India) (FTIL) has tanked over 65% at Rs 182, its lowest level since January 2005 on BSE, on back of heavy volumes after National Spot Exchange Limited (NSEL), arm of FTIL, said that it has suspended trading of contracts, other than e-Series contracts till further notice.
The stock opened at Rs 487 and has seen a combined 2.30 million shares changing hands on the counter so far against an average sub one million shares that were traded daily in past two weeks. Meanwhile, the stock has fallen over 76% from Rs 765 on July 12 as compared to 2% drop in benchmark S&P BSE Sensex.
The stock opened at Rs 487 and has seen a combined 2.30 million shares changing hands on the counter so far against an average sub one million shares that were traded daily in past two weeks. Meanwhile, the stock has fallen over 76% from Rs 765 on July 12 as compared to 2% drop in benchmark S&P BSE Sensex.
It has also decided to merge the delivery and settlement of all pending contracts and deferred the same for a period of 15 days. Consequently, the positions outstanding in the contracts will be settled by way of delivery and payment after expiry of 15 days, NSEL said in a press note.
The exchange said it shall announce a revised settlement calendar and contracts due for settlement after this 15 days period.
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Meanwhile, FTIL, last week, alleged weekend rumour-mongering by “unscrupulous elements” and laid the blame at the door of bear cartels who wish to see the company's share price falls.
“"We would like to inform you that since July 15, 2013, there have been many malicious rumours afloat on various media. The series of rumours that are spread in the market have a pattern more particularly to spread on Friday and such rumours are spread by some unscrupulous elements with a design to depress the price of FTIL and damage its reputation,” said the company in an exchange announcement.
“"We would like to inform you that since July 15, 2013, there have been many malicious rumours afloat on various media. The series of rumours that are spread in the market have a pattern more particularly to spread on Friday and such rumours are spread by some unscrupulous elements with a design to depress the price of FTIL and damage its reputation,” said the company in an exchange announcement.