Multi Commodity Exchange drops after block share sale

Written by Reuters | Updated: Mar 8 2013, 23:19pm hrs
Multi Commodity Exchange of India (MCX) shares fall 4.7 percent after 1.02 million shares changed hands on the BSE at 1,026 rupees a share earlier in the day.

* Dealers say share sales are expected given the one-year lock-in period for pre-initial public offering investors ended on Thursday.

* India's largest commodity bourse listed on the BSE on March 9, 2012.

* Sources with direct knowledge tell Reuters that NYSE Euronext was not the seller in the block deal on Friday.

* NYSE Euronext called off its plan to raise up to $46 million by selling its 4.8 percent stake in MCX, two sources with direct knowledge of the development said on Thursday.

* A budget proposal to levy a commodity transaction tax on non-agricultural commodity contracts from April 1 is also seen hurting the sentiment.