63 moons technologies drops after Jignesh Shah's arrest by ED

63 moons technologies slumped 5.82% to Rs 85.80 at 15:19 IST on BSE after the company said that the Enforcement Directorate, Mumbai has placed the company's promoter Jignesh Shah under arrest.

The announcement was made during market hours today, 13 July 2016.

Meanwhile, the S&P BSE Sensex was up 6.06 points or 0.02% at 27,814.20.

On BSE, so far 3.73 lakh shares were traded in the counter as against average daily volume of 1.49 lakh shares in the past one quarter. The stock hit a high of Rs 88 and a low of Rs 83.40 so far during the day. The stock had hit a 52-week low of Rs 71.40 on 29 February 2016. The stock had hit a 52-week high of Rs 169.60 on 6 August 2015. The stock had outperformed the market over the past one month till 12 July 2016, gaining 9.23% compared with the Sensex's 4.4% rise. The scrip had also outperformed the market in past one quarter, surging 15.98% as against Sensex's 10.59% rise.

The small-cap company has equity capital of Rs 9.22 crore. Face value per share is Rs 2.

63 moons technologies (formerly Financial Technologies (India)) said it fails to understand why such a coercive step has been taken by the Enforcement Directorate (ED) when Jignesh Shah has been fully co-operating with the investigation and has been going every time he has been called including yesterday, 12 July 2016, especially when ED's own complaint has failed to establish any money trail to either Shah or 63 moons. The company further added that it has full faith in Indian judiciary and sincerely believes that truth will prevail.

63 moons technologies reported net loss of Rs 39.31 crore in Q4 March 2016, higher than net loss of Rs 5.66 crore in Q4 March 2015. Net sales declined 24.8% to Rs 31.62 crore in Q4 March 2016 over Q4 March 2015.

63 moons technologies is among the global leaders in offering technology IP (Intellectual Property) and domain expertise to create and trade on next generation financial markets. It is a global leader in creating and operating next-generation tech-centric financial exchanges.

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