Shares of Financial Technologies (India) Ltd and MCX today fell by over 4 per cent amid a probe initiated by the CBI into grant of licence to MCX Stock Exchange over five years ago.
Jignesh Shah-led Financial Technologies (FTIL) closed at Rs 360.95, down 4.51 per cent over the previous close, at the BSE. In intra-day trade, it plunged 4.98 per cent to Rs 359.15.
Shares of commodity exchange MCX fell by 17.53 per cent to Rs 425.25 during the day, but later managed to pare some of the losses. It settled at Rs 492.65, still down by 4.47 per cent on BSE.
Both MCX and FTIL had lost over 4 per cent yesterday as CBI carried out searches at 15 locations across the country, including offices of National Spot Exchange Limited.
MCX-SX was set up by FTIL and MCX, but they have been now classified as 'public shareholders' as against 'promoters' earlier, pursuant to a Sebi-ordered restructuring of its board and governance structure.
The CBI yesterday registered a Preliminary Enquiry (PE) against FTIL and MCX as also two former top Sebi officials in a matter related to the grant of licence to MCX-SX.
The group has been facing trouble ever since National Spot Exchange Ltd (NSEL), another entity set up by the same promoters, got engulfed in a major payment crisis putting a question mark on their 'fit and proper' status to run an exchange.
