Financial Technologies, MCX shares slump after Jignesh Shah's arrest

Written by Reuters | Mumbai | Updated: May 8 2014, 16:47pm hrs
Multi Commodity Exchange of India Ltd (MCX) falls 3.5 per cent after earlier hitting its lowest since March 14 because of uncertainty over shareholder Financial Technologies (India) Ltd's ongoing stake sale.

Financial Technologies (India)(FTIL) also slumps 5 per cent, or its daily lower limit.

Financial Technologies Group is in the midst of selling its 26 per cent stake in MCX, but traders cite concerns about the process after the chairman of the Indian bourse operator, Jignesh Shah, was arrested by police on Wednesday as part of an investigation of fraud at NSEL.