MCX shares tank over 10 pct on sharp fall in Q2 net profit

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MCX's scrip settled at Rs 432.65, down 10.15 per cent on the BSE. Reuters MCX's scrip settled at Rs 432.65, down 10.15 per cent on the BSE. Reuters
SummaryMCX yesterday reported 67 pct decline in standalone net profit at Rs 27.04 cr for the second quarter.

Shares of commodity bourse MCX today slumped by over 10 per cent after the company reported 67 per cent decline in standalone net profit for the second quarter ended September.

MCX's scrip settled at Rs 432.65, down 10.15 per cent on the BSE. During the day, the stock plummeted by 11.14 per cent to Rs 427.85.

At the NSE, the stock settled at Rs 430, down 10.43 per cent from its previous close.

MCX had yesterday reported 67 per cent decline in standalone net profit at Rs 27.04 crore for the second quarter ended September, due to lower income and higher expenses.

The exchange, promoted by Jignesh Shah-led Financial Technologies India Ltd (FTIL), had clocked a net profit of Rs 81.40 crore in the July-September period of previous fiscal, 2012-13.

The performance of the futures commodity exchange MCX has been hit badly due to the imposition of commodity transaction tax (CTT) since July and also because of the recent Rs 5,600 crore payment crisis at FTIL group's another bourse National Spot Exchange Ltd (NSEL).

CTT of 0.01 per cent has been made effective from July 1 on the futures trading of non-agri commodities and processed foods.

MCX's net income fell by 36 per cent to Rs 88.02 crore in the quarter ended September 30, 2013-14, from Rs 137.60 crore in the same period of last fiscal. Expenses increased to Rs 77.19 crore from Rs 57.55 crore in the review period.

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