Financial Tech tanks 25%; NSEL stops trading in e-series

Moneycontrol Bureau

Financial Technologies shares crashed 25 percent intraday in morning trade after the National Spot Exchange (NSEL) - promoted by FTIL - stopped trading its e-series contracts Tuesday.

"We have not yet received Government order, but as an abundant precaution, we will not commence trading in e-series at 10 am. We will check with the authorities to find out the facts. In any case we will fully comply with Government order," NSEL spokeperson said.

On Monday, the government decided to ban the e-series contracts trading on NSEL, the only contracts that were being traded on the platform after NSEL had suspended trading in all one-day forward contracts last week, reports CNBC-TV18 quoting sources. It is learnt that the bar applies to gold, silver, zinc, lead, nickel & platinum.

At 11:16 hours IST, the stock fell 15.58 percent to Rs 167.10 on the Bombay Stock Exchange. Last week it plunged 72 percent, but it got recovered Monday with 31 percent gains,