Financial Technologies crashes

Shares in Financial Technologies (FT) plunged over 50 per cent, while Multi Commodity Exchange (MCX) shares fell as much as 20 per cent on Thursday. FT is the parent company of MCX. Both these stocks traded at an all-time low. (Track stocks)
The sharp fall in Financial Tech and MCX followed the National Spot Exchange's (NSEL) decision to suspend trading in its one-day forward contracts till further notice. NSEL is an unlisted FT subsidiary dealing with spot contracts in commodities.
"This abrupt action has created uncertainty and doubt about continuity of trading on the Exchange and hence most of the participants started withdrawing from the market," NSEL said in a statement.
The government had earlier asked the spot exchange not to launch new contracts, creating uncertainty among traders, the NSEL said. The exchange also decided to merge the delivery and settlement of all pending contracts and deferred it for a period of 15 days.
Speaking to NDTV Anjani Sinha of the National Spot Exchange..

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