Aug 21, 2013, 06.14 PM IST
Shares of Financial Technologies had fallen as much as 20 percent to the day's low of Rs 113.05 on the BSE and recovered some lost ground to close at Rs 129.75, down 8.17 percent.
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Financial Tech down 8% post NSEL's first payout falls short
Shares of Financial Technologies had fallen as much as 20 percent to the day's low of Rs 113.05 on the BSE and recovered some lost ground to close at Rs 129.75, down 8.17 percent.
Like this story, share it with millions of investors on M3
Financial Tech down 8% post NSEL's first payout falls short
Shares of Financial Technologies had fallen as much as 20 percent to the day's low of Rs 113.05 on the BSE and recovered some lost ground to close at Rs 129.75, down 8.17 percent.
The scrip had fallen as much as 20 percent to the day's low of Rs 113.05 on the BSE and recovered some lost ground to close at Rs 129.75, down 8.17 percent.
The benchmark S&P BSE Sensex crashed another 340 points today to the lowest closing level in more than 11 months as the rupee continued its free fall to an all-time low.
Also Read - NSEL fails to meet first payout obligation
On Tuesday, the National Spot Exchange (NSEL) had sacked its entire top management, including CEO Anjani Sinha, as the beleaguered bourse could manage to pay just over half of the first tranche payment of about Rs 175 crore to investors.
NSEL, promoted by Jignesh Shah-led Financial Technologies, has been barred from offering trade in any commodity following irregularities. It also sacked CFO Shashidhar Kotian and five others with immediate effect.
The Forward Markets Commission (FMC), the commodities regulator that is overseeing the settlement, wrote to the NSEL board, saying the default in the first tranche payment casts "serious doubts" on the credibility of the exchange.
As the exchange failed to pay up the committed amount of Rs 174.72 crore, the NSEL Investors Fourm as well as brokers have threatened to take legal remedy.
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