FTIL Slumps As Mumbai Police Attaches Properties Worth Rs 2,000 Crore

Shares of Jignesh Shah-promoted 63 Moon Technologies (formerly known as Financial Technologies or FTIL) slumped as much as 17.5 per cent to hit 52-week low of Rs 70.65 after the Mumbai Police's Economic Offences Wing attached immovable properties worth Rs 2,000 crore of the company. 

The attachment of properties of 63 Moon Technologies comes in the wake of arrest of its promoter Jignesh Shah in connection with the Enforcement Directorate's probe into the Rs 5,600-crore National Spot Exchange Limited (NSEL) money laundering scam.

Meanwhile, 63 Moon Technologies, in a statement said it was a listed company having around 63,000 shareholders and about 1,000 employees.

"We will take all legal remedies to protect their interest. There is no legal basis for the said action and we will be moving court soon," the statement said. 

Jignesh Shah has been under the scanner of the investigating authorities ever since National Spot Exchange Ltd (NSEL) went bust in 2013, causing loss of Rs 5,610 crore of investors' money.

NSEL is a subsidiary of Financial Technologies.

Shares of Financial Technologies ended 5.4 per cent lower at Rs 81.05.