MCX shares gain after Rakesh Jhunjhunwala buys stake

Written by Reuters | Mumbai | Updated: Jul 9 2014, 16:30pm hrs
MCXFTIL has been ordered by Sebi to cut its stake in Multi-Commodity Exchange of India from 26 pct to 2 pct.
Shares in Multi Commodity Exchange of India Ltd (MCX) gain 3.5 per cent after billionaire investor Rakesh Jhunjhunwala bought a 2 per cent stake in the company via a bulk deal on Tuesday, according to exchange data.

Rakesh Jhunjhunwala, referred at times as India's Warren Buffett, bought 1 million shares at a price of Rs 664 a share in the exchange operator, while Financial Technologies (India) Ltd sold almost the same amount of shares, NSE data shows.

Financial Technologies (India)(FTIL) has cut its stake to 24 percent from 26 percent, exchange data adds.

Financial Technologies was ordered by India's market regulator in March to cut its stake in Multi-Commodity Exchange of India from 26 per cent to 2 per cent.