Multi Commodity Exchange of India (MCX) is locked in lower circuit for fifth day in a row, down 10% at Rs 299 on BSE, despite of the company’s clarification that it has a strong debt-free balance sheet with a networth in excess of Rs 1,200 crore as on June 30, 2013.
In response to the media queries, Shreekant Javalgekar, managing director & CEO of MCX said MCX and National Spot Exchange Limited (NSEL) are totally different entities with no financial commitments or exposure to each other whatsoever. MCX is an extremely sound regulated entity.
Meanwhile, the MCX stock currently trading at its lowest level since listing, has tanked 53% from Rs 640 on July 31, after NSEL decided to suspend trading of all agriculture-related contracts and defer the settlement sparked fears of cash crunch and default of payment.
MCX is 26% owned by Financial Technologies Ltd, which also owns 100% of NSEL.
The stock opened at Rs 299 and has seen a combined 22,388 shares changing hands so far. There are pending sell orders 731,254 shares on BSE and NSE at 1154 hours.
Shares of Financial Technologies (India) were down 3% at Rs 155 on BSE.
In response to the media queries, Shreekant Javalgekar, managing director & CEO of MCX said MCX and National Spot Exchange Limited (NSEL) are totally different entities with no financial commitments or exposure to each other whatsoever. MCX is an extremely sound regulated entity.
Meanwhile, the MCX stock currently trading at its lowest level since listing, has tanked 53% from Rs 640 on July 31, after NSEL decided to suspend trading of all agriculture-related contracts and defer the settlement sparked fears of cash crunch and default of payment.
MCX is 26% owned by Financial Technologies Ltd, which also owns 100% of NSEL.
The stock opened at Rs 299 and has seen a combined 22,388 shares changing hands so far. There are pending sell orders 731,254 shares on BSE and NSE at 1154 hours.
Shares of Financial Technologies (India) were down 3% at Rs 155 on BSE.
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