Financial Technologies (India) fell 1.86% while MCX rose 2.53% at 11:50 IST on BSE after commodity market regulator ordered Financial Technologies (India) to sell most of its holding in MCX.
Financial Technologies (India) (FTIL) was down 1.86% to Rs 163.70.
MCX was up 2.53% at Rs 432.
The S&P BSE Sensex was down 145.12 points, or 0.70% at 20,714.74.
Shares of FTIL had underperformed the market over the past one month till 18 December 2013, sliding 8% compared with the Sensex's 0.04% rise. The scrip had also underperformed the market in past one quarter, falling 4.47% as against Sensex's 4.50% rise.
Shares of MCX had underperformed the market over the past one month till 18 December 2013, sliding 17.86% compared with the Sensex's 0.04% rise. The scrip had also underperformed the market in past one quarter, rising 2.66% as against Sensex's 4.50% rise.
Commodity market regulator Forward Markets Commissions (FMC) on Tuesday, 17 December 2013, said Jignesh Shah and his firm FTIL are not 'fit and proper' to run any exchange in the country.
FMC removed its "fit and proper" designation for both FTIL and its chief executive, Jignesh Shah - a status needed to operate an exchange in India. The loss of the designation means neither FTIL nor Shah can run MCX.
The regulator said National Spot Exchange's (NSEL) payment troubles made FTIL an unfit operator of commodities exchanges and ordered it to cut its stake of 26% in MCX to less than 2%. It did not prescribe how it should dispose of the holding and did not provide a deadline.
NSEL is a separate commodities exchange owned by FTIL that is under investigation by the police and other regulators after struggling to settle outstanding contracts worth more than Rs 5500 crore.
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