Financial Technologies shares hit their new 52-week low in the morning trade on Monday on reports that government has ordered to merge Financial Technologies with the National Spot Exchange (NSEL).
At 11.05 pm, shares of Financial Technologies were trading 3.67 per cent down at Rs 86.70. The scrip opened at Rs 78 and had touched a high and low of Rs 87.40 and Rs 76.40, respectively, in trade so far. Later, the share price erased its losses and closed 0.33 per cent up at Rs 90.30.
In a BSE filing, the company, said “Financial Technologies is high disappointed with the final order on the Amalgamation of NSEL with FTIL passed by the Ministry of Corporate Affairs, Government of India.”
The company further said that merger order has placed the interest of trading clients higher than that of the shareholders of a listed company. MCA has also chosen to ignore the thousands of representations made by the shareholders, its creditors and hundreds of employees of FTIL and NSEL.