MCX slides after Financial Tech chair arrested

Reuters Market Eye - Multi Commodity Exchange of India Ltd (MCX) falls 4.4 percent after earlier hitting its lowest since March 14 because of uncertainty over shareholder Financial Technologies (India) Ltd's ongoing stake sale.

Financial Technologies is in the midst of selling its 26 percent stake in MCX, but traders cite concerns about the process after the chairman of the Indian bourse operator, Jignesh Shah, was arrested by police on Wednesday as part of an investigation of fraud at another commodity exchange.

Financial Technologies (India) Ltd slumps 5 percent, or its daily lower limit.

(abhishek.vishnoi@thomsonreuters.com / abhishek.vishnoi.thomsonreuters.com@reuters.net)