MCX slumps after MSCI exclusion

MCX hit a lower circuit limit of 5% at Rs 382.05 at 14:14 IST on BSE after index provider MSCI excluded the stock from its small cap indices.

Meanwhile, the BSE Sensex was down 259.26 points, or 1.31%, to 19,468.01.

On BSE, 91,000 shares were traded in the counter compared with average volume of 1.95 lakh shares in the past one quarter.

The stock hit a high of Rs 400 and a low of Rs 382.05 so far during the day. The stock hit a 52-week low of Rs 238.30 on 19 August 2013. The stock hit a record high of Rs 1,617 on 13 November 2012.

The stock had underperformed the market over the past one month till 27 September 2013, sliding 24.81% compared with the Sensex's 9.79% rise. The scrip had, however, underperformed the market in past one quarter, falling 46.82% as against Sensex's 4.51% rise.

The small-cap company has an equity capital of Rs 51 crore. Face value per share is Rs 10.

MCX shares will be deleted from the MSCI global small cap indices effective on Wednesday, 2 October 2013, MSCI said in a statement late on Friday, 27 September 2013.

MSCI Barra is a leading provider of benchmark indices and risk management analytics products. Many global mutual funds are linked with MSCI indices. Hence, deletion of a stock from the MSCI index leads to outflow of passive funds that use the MSCI index to benchmark their portfolios.

MCX's net profit fell 7.14% to Rs 60.12 crore on 3.02% increase in total income to Rs 151.35 crore in Q1 June 2013 over Q1 June 2012.

MCX is a dominant player in commodity exchanges in India.

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