FTIL, MCX shares jump after Jignesh Shah, Massey quit

Financial Technologies India (FTIL) and Multi Commodity Exchange of India (MCX) saw their shares settle the day with as much as 5 per cent gains, after MCX founder Jignesh Shah and its Managing Director Joseph Massey resigned from the bourse's board.

MCX is promoted by FTIL that also runs spot commodity exchange National Spot Exchange (NSEL), which is engulfed in a crisis after it stopped trading on all contracts on July 31 on government directives.

Shah and Massey resigned from the bourse's board on Wednesday, amid Rs 5,600-crore payment crisis at NSEL.

"Jignesh Shah resigned as Vice-Chairman and shareholder-director of the exchange with immediate effect," MCX-SX had said in a statement.
Shah is the promoter of FTIL.

Massey has also resigned as Managing Director and Chief Executive of MCX, and as shareholder-director with immediate effect, it had said.

FTIL stock ended the day with 2.89 per cent gain at Rs 169.30 on the Bombay Stock Exchange. During the day, the scrip surged 5.43 per cent to Rs 173.50.

MCX shares rose by 4.99 per cent to Rs 425 - its highest trading permissible limit for the day.

Meanwhile, a senior Corporate Affairs Ministry official said: "Inspection of records of NSEL, MCX and FTIL under Section 209 A of the Companies Act is on."

With inputs from PTI