The shares of Financial Tech and Multi Commodities Exchange(MCX) fell as the trade began after the Mumbai Police arrested the 46-year-old Jignesh Shah, founder of the FT Group and his trusted lieutenant Shreekant Javalgekar.
"Both Fin Tech and MCX have large foreign investment and the arrest of Shah would slow down plans to remove him from ownership and sell his stake in the company to potential bidders," said Maybank KimEng India report.
At 09:25 a.m. Financial Technologies was locked at 5 percent lower circuit at Rs 276.70 and MCX was 3.97 percent down at Rs 511.50.
"Both Fin Tech and MCX have large foreign investment and the arrest of Shah would slow down plans to remove him from ownership and sell his stake in the company to potential bidders," said Maybank KimEng India report.
At 09:25 a.m. Financial Technologies was locked at 5 percent lower circuit at Rs 276.70 and MCX was 3.97 percent down at Rs 511.50.
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