Shares of Financial Technologies (India) Ltd crashed in the market today after the company announced that it had got a draft order from the Centre for amalgamating National Spot Exchange Ltd (NSEL) with Financial Technologies (India) Ltd (FTIL).
On both the NSE and BSE, there were only sellers with no buyers as the shares hit the lower circuit in both the exchanges.
In a communication to the stock exchanges, FTIL said that it had received a communication from the Ministry of Corporate Affairs on the draft order of amalgamation of NSEL with FTIL under Section 396(1) of the Companies Act, 1956.
FTIL said that it was "taking appropriate steps'' in consultation with its legal counsel on the issue, without elaborating.
The announcement sent the stock prices crashing in both the exchanges. The stock lost 20 per cent on the BSE and was frozen at Rs 169.65, a loss of Rs 42.40 or 20 per cent. There were sellers for 2.02 lakh shares with no buy quotes. The stock had closed at Rs 212.05 yesterday.
On the NSE too, the stock dived by 19.99 per cent to Rs 169.70, a loss of Rs 42.40. There were sellers for 3.87 lakh shares with no buyers.