MCX slumps 10 percent after NSEL suspends e-trading
Reuters Market Eye - The Multi Commodity Exchange of India Ltd (MCX) (MCEI.BO) falls 9.99 percent after another commodities exchange, the National Spot Exchange Ltd (NSEL), suspended electronic trading on Tuesday.
MCX is 26 percent owned by Financial Technologies Ltd (FITE.NS), which also owns 100 percent of NSEL. Financial Technologies shares were down more than 21 percent on Tuesday.
Although MCX and NSEL are operationally independent, though Financial Technologies is the controlling stakeholder for both, shares in MCX have slumped 42 percent since NSEL suspended trading in forwards last week.
"Multi Commodity Exchange of India Limited (MCX) and National Spot Exchange Limited (NSEL) are totally different entities with no financial commitments or exposure to each other whatsoever," MCX said in a statement to the stock exchanges on Tuesday.
(Reporting by Himank Sharma)
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