Multi Commodity Exchange shares gain; Jhunjhunwala buys stake

Reuters Market Eye - Shares in Multi Commodity Exchange of India Ltd gain 3.5 percent after billionaire investor Rakesh Jhunjhunwala bought a 2 percent stake in the company via a bulk deal on Tuesday, according to exchange data.

Rakesh Jhunjhunwala, referred at times as India's Warren Buffett, bought 1 million shares at a price of 664 rupees a share in the exchange operator, while Financial Technologies (India) Ltd sold almost the same amount of shares, NSE data shows.

Financial Technologies has cut its stake to 24 percent from 26 percent, exchange data adds.

Financial Technologies was ordered by India's market regulator in March to cut its stake in Multi-Commodity Exchange of India from 26 percent to 2 percent.

 

(Reporting by Abhishek Vishnoi)