Financial Tech down 45%, MCX falls 20%

Financial Technologies (FTIL) shares slaughtered for the second consecutive session Friday after the National Spot Exchange (NSEL), promoted by FTIL, announced suspension of trade on all its one-day forward contracts except for E-series products on Wednesday night and deferred payments on client trades Thursday.

The decision of suspension of contracts follows a Consumer Affairs Ministry directive in July asking the bourse not to launch any new contracts till further order as it found violations of government norms in trading at NSEL.

The regulator is  looking into the trading pattern of some brokerage firms and many other entities in the two stocks to ascertain whether they had any advance information about problems at NSEL.

The brokerage firms which had significant exposure to NSEL are specially under scanner