Financial Technologies slips nearly 5% on delay in MCX stake sale

NEW DELHI: Financial Technologies Ltd (FTIL) plunged as much as 4.9 per cent in trade on Monday in an otherwise strong market, after its board said it would take two weeks more to attain a final bid for its stake in commodity bourse MCX and that all the shortlisted bidders continue to be interested in the divestment process.

Financial Technologies recouped some of the morning losses but ended 1.9 per cent lower at Rs 258.35. It hit a low of Rs 249.80 and a high of Rs 261.95 in trade today.

The board will reconvene on May 24. FT, the promoter of MCX, holding 26 per cent in the bourse, has to divest its stake in the bourse after having been found unfit by commodity market regulator FMC to own shares in it following a scam at its subsidiary NSEL.

"The board deliberated on the divestment process and decided that further time needs to be given in the light of developments that have come on May 9," the board said citing MCX's update to the BSE wherein the bourse said it had provided the stock exchange with the material information forming part of the special audit report by PwC.