Financial Technologies tanks over 4% on sale of warehousing arm

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Financial Technologies tanks over 4% on sale of warehousing arm
Shares of Financial Technologies (India) dipped over 4 per cent in early trade on Bombay Stock Exchange (BSE) after the troubled company sold its warehousing arm for Rs300 crore.

According to ET report, private equity firm India Value Fund Advisors (IVFA) has purchased National Bulk Handling Corporation, the warehousing arm of Financial Technologies (FTIL), for Rs 300 crore.

Reacting to news, shares of company declined as much as 4.33 per cent to trade at Rs 328.65 a piece on the BSE. In a similar fashion, shares of the company slipped 4.35 per cent to Rs 328.70 a piece on National Stock Exchange.

Meanwhile, the broader benchmark Sensex was quoting at 21,061.23, up 74.25 points or 0.35 per cent at 9:45 hours.

Dion Global Solutions Ltd.

Story first published: Friday, February 28, 2014, 12:54 [IST]
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