Stocks

63 Moons hits lower circuit limit as HC rejects writ petition

PTI New Delhi | Updated on January 09, 2018 Published on December 04, 2017

FTIL last year was renamed as 63 Moons Technologies.

Shares of 63 Moons Technologies plunged 5 per cent to hit the lower circuit limit after the Bombay High Court has dismissed its writ petition on the NSEL merger issue.

The stock plunged 5 per cent and got stuck in its lower circuit limit of Rs 131.10 on the BSE today. Similarly, on the NSE, the stock fell to its lower circuit limit of Rs 131.20, down 5 per cent from the previous closing price.

“The Honourable Bombay High Court has dismissed our writ petition. However, it has granted 12-week stay on the operation of the merger order,” a company statement said.

It further said that “we will be moving the Supreme Court during this 12-week period. We have full faith in the judiciary and continue to believe that ultimately the truth and justice shall prevail.”

On February 12, the Corporate Affairs Ministry had directed the merger of scam-hit NSEL with parent firm Financial Technologies India (FTIL), in a first-ever order to merge the two private companies.

In the wake of Rs 5,600-crore payment crisis at NSEL, the Ministry had sought merger of the bourse with FTIL as well as replacement of the existing FTIL management. FTIL last year was renamed as 63 Moons Technologies.

Published on December 04, 2017

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