Shares in Financial Technologies drops 80% in 2-days

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Shares in Financial Technologies drops 80% in 2-days
Shares of Financial Technologies, which dropped 65% in trade on Thursday, fell another 15 per cent in trade today. The National Spot Exchange (NSEL), a commodities exchange in which Financial Technologies owns a substantial stake, announced suspension of trading in its one-day forward contracts till further notice.

Investors remained worried that the NSEL may default in its commitments, which could also affect Financial Technologies, though the latter has clarified that there would be no financial implications on it.
Shares of Financial Technologies were quoted at 160 on the BSE.

"National Spot Exchange Limited (NSEL) has suspended trading of contracts, other than e-Series contracts till further notice. It has also decided to merge the delivery and settlement of all pending contracts and deferred the same for a period of 15 days. Consequently, the positions outstanding in the contracts will be settled by way of delivery and payment after expiry of 15 days. Exchange shall announce a revised settlement calendar and contracts due for settlement after this 15 days period," the company said in a release.

Read more about: financial technologies
Story first published: Friday, August 2, 2013, 12:49 [IST]
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