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)
- Tweet this
- Share this
- Digg this
- Exclusive - India set to run out of critical free drug for HIV/AIDS programme
- Boxer Sarita Devi faces action after refusing medal at Asian Games
- Defiant Hong Kong protesters demand leader steps down
- Ebola outbreaks in Nigeria, Senegal, appear contained: CDC reports
- Sturridge won't be fit for England, says Rodgers
India could run out of a critical medicine in its free HIV/AIDS drugs programme in three weeks due to bureaucratic bungling, a senior government official said, leaving more than 150,000 sufferers without life-saving drugs for about a month. Full Article