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FTIL shares fall as National Spot Exchange's first payout falls short

A day after the National Spot Exchange sacked its entire top management, shares of Financial Technologies (FTIL) ended over 8 per cent down on the BSE.

BT Online Bureau | August 21, 2013 | Updated 18:59 IST

A day after the National Spot Exchange (NSEL) sacked its entire top management, including CEO Anjani Sinha, and failed to meet the first tranche of payments to investors, shares of Financial Technologies (India) Ltd (FTIL) ended over 8 per cent down on the bourses.

NSEL could manage to pay just over half of the first tranche payment of about Rs 175 crore to investors. Promoted by Jignesh Shah-led FTIL, NSEL has been barred from offering trade in any commodity following irregularities.

It also sacked CFO Shashidhar Kotian and five others with immediate effect.

Forward Markets Commission even wrote to the NSEL board saying the default in the first tranche payment casts "serious doubts" on the credibility of the exchange.

Reacting to the news, shares of FTIL fell as much as 20 per cent to the day's low of Rs 113.05 on the Bombay Stock Exchange, before recovering some lost ground to close at Rs 129.75, down 8.17 per cent.

Meanwhile, the BSE Sensex crashed by another 340 points to the lowest closing level in more than 11 months as the rupee continued its free fall to an all-time low against the US dollar.

With inputs from PTI

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