The share price of Financial Technologies (FT), which holds 26% stake in newly listed Multi Commodity Exchange (MCX), fell 4.36% on BSE as on 12:40 pm. This is in sharp contrast to MCX share trading with over 27% gains at Rs 1,314 against the issue price of Rs 1,032.
FT, the founder promoter of MCX, was trading at Rs 826 on BSE. The stock had gained more than 60% since January.
MCX debuted on National Stock Exchange (NSE) with 38% gains. After hitting an early trade high of Rs 1428.55 on NSE, the stock has pared some of its gains on heavy volumes of over 8.6 million shares. Major volumes were generated on NSE.
MCX was listed on the bourses today with over 307,000 investors holding shares worth Rs 1 lakh or less. These investors together hold 3.37 million shares or 6.63% in the company. MCX is now among the top 50 listed companies in terms of large shareholder base.
According to market analysts, FT was expected to correct post MCX listing as the stock had run-up sharply over the past one month.
"FT holds strategic 26% stake, which will not be realised for few years now. Those who were long on FT are unwinding their positions. Also, the sword of commodity transaction tax, which is likely to be introduced in this budget still hangs over MCX and could be a major negative for the counter," said a Mumbai-based broker.
MCX, which last month launched the first major IPO in the Indian market in seven months, had priced the issue at Rs 1,032 — the upper end of the price band — raising Rs 660 crore.
