FTIL scrip crashes 20%; m-cap down Rs 200 crore
22 Oct 2014 11:07 PM GMT
Shares of Financial Technologies slumped 20 per cent, wiping-out nearly Rs 200 crore from its market valuation, after the government decided to merge scam-hit National Spot Exchange Ltd (NSEL) with holding group FTIL.
Following this, shares of FTIL went into a tailspin and slumped 20 per cent to Rs 169.65 — its lowest trading permissible limit for the day — on the BSE. The stock had opened the day on a positive note but as soon as the merger news came in investors pressed the selling button.
At the NSE, the stock nosedived 19.99 per cent to hit its lower circuit limit of Rs 169.70. Massive selling in the stock pulled down the company's market valuation by Rs 195.28 crore to Rs 781.72 crore. ‘Stock of Financial Technologies tanked 20 per cent intra-day after the merger news as market players are aware that Financial Technologies is not in favour of merger with NSEL,’ said Hiren Dhakan, Associate Fund Manager, Bonanza Portfolio. To ensure speedy recovery of dues for investors, the government ordered merger of the scam-hit firm with its holding company FTIL.
Following this, shares of FTIL went into a tailspin and slumped 20 per cent to Rs 169.65 — its lowest trading permissible limit for the day — on the BSE. The stock had opened the day on a positive note but as soon as the merger news came in investors pressed the selling button.
At the NSE, the stock nosedived 19.99 per cent to hit its lower circuit limit of Rs 169.70. Massive selling in the stock pulled down the company's market valuation by Rs 195.28 crore to Rs 781.72 crore. ‘Stock of Financial Technologies tanked 20 per cent intra-day after the merger news as market players are aware that Financial Technologies is not in favour of merger with NSEL,’ said Hiren Dhakan, Associate Fund Manager, Bonanza Portfolio. To ensure speedy recovery of dues for investors, the government ordered merger of the scam-hit firm with its holding company FTIL.
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