NSEL-related buzz lifts FT, MCX

MCX up 18.57% to close at Rs 518.85. FT up 19.98% to close at Rs 181.05

Both of Jignesh Shah’s listed companies soared on Monday on rumours of positive news relating to the National Spot Exchange Limited (NSEL) payment debacle.

Multi Commodity Exchange of India Limited (MCX) was up 18.57% to close at Rs.518.85. Financial Technologies (India) Limited was up 19.98% to close at Rs.181.05.

A spokesperson for the company declined to comment.

NSEL, which is promoted by Financial Technologies, has been involved in a Rs 5,600 crore payment crises since August. The spot exchange had allegedly been used as a financing platform in which roughly two dozen borrowers raised capital from thousands of lenders. They later defaulted on the same.

There have been allegations that the money was funneled into real estate and other businesses. The Economic Offences Wing (EOW) and other agencies have been investigating the matter.