Multi Commodity Exchange of India (MCX) is trading lower by 3% at Rs 458 after its board asked promoter Financial Technologies India (FTIL) to reduce its stake to 2%, in accordance with the regulator's order.
“The board of directors of the company at its meeting held on December 26, 2013, decided to advise FTIL to implement Forward Markets Commission (FMC) Order dated December 17, 2013 by reducing its stake in the Company from 26% to 2% or below, within a period of 1 month hereof,” MCX said in a BSE filing.
Last week, the FMC had issued an order declaring FTIL and its chief Jignesh Shah unfit to run any exchange, including the MCX, following a Rs 5,500 crore payment crisis at group company National Spot Exchange Ltd (NSEL).
The stock opened at Rs 478 and touched a low of Rs 431 on the BSE. A combined 1.65 million shares have changed hands on the counter so far on the BSE and NSE.
Shares of FTIL, too is trading lower by 2% at Rs 169 on the BSE. The stock touched a low of Rs 162 in early morning deals.
Last week, the FMC had issued an order declaring FTIL and its chief Jignesh Shah unfit to run any exchange, including the MCX, following a Rs 5,500 crore payment crisis at group company National Spot Exchange Ltd (NSEL).
The stock opened at Rs 478 and touched a low of Rs 431 on the BSE. A combined 1.65 million shares have changed hands on the counter so far on the BSE and NSE.
Shares of FTIL, too is trading lower by 2% at Rs 169 on the BSE. The stock touched a low of Rs 162 in early morning deals.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%