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Financial Technologies plummets 20% on reports of NSEL struggling to repay investors' dues

By Religare
|
Financial Technologies plummets 20% on NSEL struggle
Shares of Financial Technologies India Ltd (FTIL) fell as much as 20 per cent in the morning trade on BSE on the media reports that its crisis-hit subsidiary National Spot Exchange (NSEL) failed to pay full amount of first tranche to the jittery investors on Tuesday.
 

NSEL, which owes around Rs 5,600 crore to investors, was supposed to release around Rs 174 crore on Tuesday and as compared to that, it could pay only Rs 92.12 crore, according to media reports.

At 11:25 hours, the stock rebounded from the day's low level and was trading at Rs 136.35 a piece, down 3.5 per cent from previous close on BSE.

Adding to FTIL's woes, the Forward Markets Commission (FMC) also wrote to NSEL on Tuesday that it risked losing its "fit and proper person" status and also warned it of losing its shareholding in the MCX or any other recognised commodity futures exchange.

Dion Global Solutions Ltd.

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