Financial Technologies Shares Slump After Jignesh Shah's Arrest
Shares of Financial Technologies (India) Ltd (FTIL) slumped as much as 10 per cent to hit intraday low of Rs 82.55 after the Enforcement Directorate (ED) arrested Jignesh Shah, who is the founder and chairman emeritus the company.Â
Mr Shah was arrested yesterday in connection with the Enforcement Directorate's probe into the Rs 5,600-crore National Spot Exchange Limited (NSEL) money laundering scam.
Jignesh Shah, promoter of Mumbai-based Financial Technologies which operates Multi Commodity Exchange (MCX), was arrested under the provisions of the Prevention of Money Laundering Act (PMLA).
Jignesh Shah has been under the scanner of the investigating authorities ever since National Spot Exchange Ltd (NSEL) went bust in 2013, causing loss of Rs 5,610 crore of investors' money.
NSEL was a subsidiary of Financial Technologies.
Shares of Financial Technologies ended 6 per cent lower at Rs 85.85.
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