Shares of Multi Commodity Exchange of India (MCX) have tanked over 11% to Rs 428 on back of heavy volumes on the bourses.
The stock opened at Rs 485 and hit a high of Rs 490 in early morning deals on the Bombay Stock Exchange (BSE). A combined 745,000 shares have already changed hands on the counter so far as against average sub 500,000 shares that were traded daily in past two weeks.
MCX, the commodity bourse, promoted by Jignesh Shah-led Financial Technologies (India), has reported over three-fold drop in its standalone net profit to Rs 27 crore in the second quarter of the current financial year due to lower operational income and higher expenses. The company had clocked a net profit of Rs 81 crore in the same period last year.
MCX's total operational income declined by 36% to Rs 88 crore in the quarter ended September 30, from Rs 138 crore in the same period last year. Expenses increased to Rs 77 crore from Rs 58 crore for the period under review, according to a filing on the BSE.
Meanwhile, Kotak Institutional Equities cuts MCX India from 'add' to 'reduce' with fair value of Rs 500 per share, the Reuters report suggests.
Financial Technologies (India) too, down 5% at Rs 152 on the BSE.
The stock opened at Rs 485 and hit a high of Rs 490 in early morning deals on the Bombay Stock Exchange (BSE). A combined 745,000 shares have already changed hands on the counter so far as against average sub 500,000 shares that were traded daily in past two weeks.
MCX, the commodity bourse, promoted by Jignesh Shah-led Financial Technologies (India), has reported over three-fold drop in its standalone net profit to Rs 27 crore in the second quarter of the current financial year due to lower operational income and higher expenses. The company had clocked a net profit of Rs 81 crore in the same period last year.
MCX's total operational income declined by 36% to Rs 88 crore in the quarter ended September 30, from Rs 138 crore in the same period last year. Expenses increased to Rs 77 crore from Rs 58 crore for the period under review, according to a filing on the BSE.
Meanwhile, Kotak Institutional Equities cuts MCX India from 'add' to 'reduce' with fair value of Rs 500 per share, the Reuters report suggests.
Financial Technologies (India) too, down 5% at Rs 152 on the BSE.
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