Financial Technologies slips 20% after government orders merger with NSEL
FTIL plunged as much as 20% and was now locked in lower circuit after the government ordered the company to be merged with unit NSEL.
By ET Online and Agencies | Updated:
NEW DELHI: Financial Technologies (India) Ltd plunged as much as 20 per cent and was now locked in lower circuit after the government ordered the company to be merged with unit National Spot Exchange Ltd (NSEL).
That means NSEL's liabilities will fall on Financial Technologies, traders say. NSE had liabilities of nearly Rs 5500 crore.
The exchange has been under police investigation since August 2013 over a fraud probe.
Financial Technologies has previously said it had no knowledge of wrongdoing at NSEL. The government has asked lenders to reply on NSEL merger plan in next 60 days.
That means NSEL's liabilities will fall on Financial Technologies, traders say. NSE had liabilities of nearly Rs 5500 crore.
The exchange has been under police investigation since August 2013 over a fraud probe.
Financial Technologies has previously said it had no knowledge of wrongdoing at NSEL. The government has asked lenders to reply on NSEL merger plan in next 60 days.
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