- BSE Sensex gains 33.94 points, BPCL, ONGC, Tata Power share prices riseBSE Sensex rises nearly 42 pts, HDFC Bank, Infosys Ltd and Tata Power share prices surgeMCX board orders Jignesh Shah's Financial Technologies to cut stake from 26 pct to 2 pct within a monthBSE Sensex up over 100 points, Infosys near record high
Shares of Multi Commodity Exchange of India Ltd (MCX) and Financial Technologies (India)(FTIL) today fell sharply by as much as 9 per cent after the board of MCX asked promoter FTIL to reduce its stake to 2 per cent, in accordance with the regulator's order.
MCX's scrip tanked 8.8 per cent to Rs 431 on the BSE.
Similarly, FTIL shares were down 6.67 per cent to Rs 161.50.
Last week, the Forward Markets Commission (FMC) had issued an order declaring FTIL and its chief Jignesh Shah unfit to run any exchange, including the MCX, following a Rs 5,600 crore payment crisis at group company National Spot Exchange Ltd (NSEL).
The regulator also charged Shah with being the "highest beneficiary of the fraud perpetrated" at NSEL.
The NSEL, which is promoted by FTIL, has been defaulting on payments to 13,000 investors. It was plunged into the payment crisis after halting trading in commodities from August 1 on a government directive.
The MCX board of directors at a meeting yesterday decided to advise FTIL to implement the FMC order by reducing its stake in the company to 2 per cent or below from 26 per cent within a period of one month.