Fin Tech slumps after govt orders merger with NSEL

Reuters Market Eye - Financial Technologies (India) Ltd slumps 20 percent to its daily limit. The government orders the company be merged with unit National Spot Exchange Ltd (NSEL).

That means NSEL's liabilities will fall on Financial Technologies, traders say.

NSE had liabilities of nearly 55 billion rupees ($897.6 million).

The exchange has been under police investigation since August 2013 over a fraud probe.

Financial Tech has previously said it had no knowledge of wrongdoing at NSEL.

($1 = 61.2725 rupees)

(Reporting by Abhishek Vishnoi)