Financial Technologies hits 52-week low

The stock slipped 18% to Rs 70.20, also its 52-week low on the BSE in intra-day trade on back of heavy volumes.

Financial Technologies (India) has slipped 18% to Rs 70.20, also its 52-week low on the BSE in intra-day trade on the back of heavy volumes after the company said that the Mumbai police has secured assets of the company. LINK

“We have received a letter from the Economic Offences Wing (EOW) securing assets of Financial Technologies (India). We will take all legal remedies to protect the shareholders and employees interest. There is no legal basis for the said action and we will be moving court soon on the said letter,” the company informed the BSE on a clarification to news article.

At 11:46 AM, the stock was down 6% at Rs 80.45 on the BSE, as compared to 0.39% rise in the S&P BSE Sensex. The trading volumes on the counter jump an over three-fold with a combined 2.74 million shares changed hands on the BSE and NSE so far.