MCX turns volatile after block deal

Around 1.48 million shares representing 2.9% of total equity of MCX have changed hands at a price of Rs 568 per share on the BSE.

Shares of Multi Commodity Exchange of India (MCX) have trading almost flat at Rs 573, after a huge block deal executed on the Bombay Stock Exchange (BSE).

At 9.15, around 1.48 million shares representing 2.9% of total equity of MCX have changed hands at a price of Rs 568 per share via single block deal, the BSE data shows.

The stock has soared over 4% to Rs 585 in intra-day trade, after hitting a low of Rs 560 in early morning deals on the BSE. The name of buyers and sellers were not immediately known.

Meanwhile, on Friday, January 3, after market hours, MCX said that the Exchange, being a regulated entity by the Forward Markets Commission, any acquisition in excess of 2 % or more of the paid-up equity capital of MCX has to satisfy the criteria of "fit and proper person" for becoming a share holder of the Exchange as prescribed under the guidelines issued by the Government of India for capital structure of commodity exchanges post 5-years of operation.

The company made the statement on clarification on to a news report in a Financial daily about "UCX eyes FTIL's stake in MCX" and article titled “Bombay Bullion Association Plans to buy 5% stake in MCX.