Financial Tech falls over 3% on delay in MCX stake sale

Shares of Financial Technologies (India) Ltd today fell by over 3 per cent after the company said the board has given an additional two weeks to shortlisted investors to submit their final bids for MCX stake sale.
Defying a broader market surge, FTIL fell by 3.08 per cent to close at Rs 254.80 on the BSE. During the day, the scrip declined 4.98 per cent to a low of Rs 249.80.
At NSE, the stock lost 3.43 per cent to settle at Rs 253.50.
"The board deliberated on the divestment process and decided further time needs to be given in the light of the developments that have come on May 9," Financial Technologies (India) Ltd (FTIL) had said in a filing to the BSE last week.

On Friday, MCX decided to amend its articles of association to comply with the regulator's new shareholding norms for Indian commodity exchanges. The guidelines include a requirement for entities declared unfit to run an exchange to divest their entire stake immediately.
The board said all shortlisted bidders continue to be interested in the divestment. The next board meeting is scheduled on May 24.
FTIL was ordered to reduce its stake in Multi Commodity Exchange of India (MCX) after the Forward Markets Commission, the regulator, declared it unfit to run any exchanges in December last year.
Meanwhile, the BSE benchmark Sensex ended at 23,551, up 556.77 points or 2.42 per cent.