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Financial Technologies shares slip over 6% intraday on Jignesh Shah’s arrest

Financial Technologies (India) shares dipped as much as 6.17 per cent on Wednesday after the company's promoter Jignesh Shah was arrested by Central Bureau of Investigation (CBI)

By: | New Delhi | Updated: September 21, 2016 4:43 PM
BSE Sensex NSE Nifty Financial Technologies (India) shares dipped as much as 6.17 per cent on Wednesday after the company’s promoter Jignesh Shah was arrested by Central Bureau of Investigation (CBI)

Financial Technologies (India) shares dipped as much as 6.17 per cent on Wednesday after the company’s promoter Jignesh Shah was arrested by Central Bureau of Investigation (CBI) in an alleged cheating and suppression of facts case. At 3.19 pm, shares of Financial Technologies were trading 1.98 per cent down at Rs 81.70. The scrip opened the day at Rs 80 and has touched a high and low of Rs 83.85 and Rs 78.20, respectively, in trade so far. Later, the scrip ended 3.18 per cent down at Rs 80.70.

The company has been accused of suppressing facts in getting Sebi extension for MCX-SX to continue as a private stock exchange in violation of norms.

In a BSE filing Financial Technologies said, “Central Bureau of Investigation, (CBI), Mumbai, has placed Jignesh Shah, promoter and chairman emeritus of 63 moons technologies Limited (formerly Financial Technologies (India) Limited) under arrest relating to investigation in the matter of recognition granted by SEBI to MCX-SX (now Metropolitan Stock Exchange of India Limited).

MCX-SX got operational as a stock exchange in the year 2013 after a long with the market regulator Sebi.

For the quarter ended June 30, 2016, the company reported a consolidated net profit of Rs 64.12 crore, up 135.61 per cent, against Rs 27.21 crore in the corresponding quarter a year ago. Net sales of the company also grew by 9.72 per cent year-on-year to Rs 76.70 crore for the quarter under review.

Shares of the company have fallen 29 per cent to Rs 83.35 in the past one year till September 20, whereas BSE Sensex gained nearly 9 per cent during the same period.

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