Financial Technologies sees profit booking after rally

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Shares in Jignesh Shah controlled Financial Technologies dropped after rallying substantially on Tuesday following a stake sale announcement in the Singapore Mercantile Exchange (SMX) to ICE Singapore Holdings Pte Ltd. for USD 150 million or roughly Rs 930 crore.

The stock was last trading at Rs 183, down almost 2 per cent over Tuesday's close. The shares of Financial Technologies had touched a 52-week high of Rs 1198 on the National Stock Exchange, but, have been witnessing a substantial decline ever since the National Spot Exchange fiasco erupted.

Financial Technologies also has a stake in the National Spot Exchange and the huge obligations at the National Spot Exchange has also put the performance of Financial Technologies at stake.

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