Financial Tech hits 5% upper circuit on hopes of Tech Mahindra buyout

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Financial Tech hits 5% upper circuit on hopes of Tech Mahindra buyout
Tech Mahindra: Quotes, News
BSE 429.75BSE Quote9.35 (2.18%)
NSE 430.20NSE Quote9.15 (2.13%)
Shares in Financial Technologies rallied as much as 5 per cent on reports that Tech Mahindra is likely to buy a majority stake in the company.

The stock was last seen locked at the upper end of the circuit filter at Rs 326.45 on the National Stock Exchange.

The Economic Times on Wednesday reported that Mahindra & Mahindra Group company Tech Mahindra has shown interest in buying a sizeable equity stake in Financial Technologies.

"While it's uncertain whether the ongoing negotiations will translate into a deal, ET learns that consultants have been hired to carry out a due diligence of Financial Technologies," the Economic Times reported.

Financial Technologies shares have slumped over the last few months, after reports of fraud at the National Spot Exchange, an exchange in which Financial Technologies has a substantial stake surfaced.

The Financial Technologies scrip has rallied substantially since hitting a 52-week low of Rs 102 in the month of August, after problems began surfacing regarding the National Spot Exchange.

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