63 Moon Technologies slumps 8% on Jignesh Shah's arrest

The share price of 63 Moons Technologies have dipped by 8% to Rs. 85.90 on BSE exchange after its promoter Jignesh Shah got arrested by Enforcement Directorate (ED) on NSEL scam.

“We fail to understand why such a coercive step has been taken by the Enforcement Directorate when Mr. Shah has been fully co-operating with the investigation and has been going every time he has been called, including today, especially when ED’s own complaint has failed to establish any money trail to either Mr. Shah or 63 moons. We have full faith in Indian judiciary and sincerely believe that truth will prevail,” FTIL said in a statement.

The scrip of the firm couldn’t bear the brunt and slumped to nearly 8%, hitting a low of Rs. 83.40 on BSE. Read More: http://www.zeebiz.com/market/Stocks/63-moons-technologies-ltd-finantechno 

Shah was arrested for his role in helping defaulters in cleaning funds raised from thousands of investors at National Spot Exchange Ltd (NSEL). 

The scam involved nearly 18,000 investors complaining about losing their money worth of Rs. 5,600 crore in NSEL exchange.

Financial Technologies India Limited (FTIL) was changed to 63 Moon Technologies with effect from May 27,2016 on exchange.

Shah the promoter of FTIL came into a joint venture with National Agricultural Cooperative Marketing Federation of India (NAFED) to start National Spot Exchange Ltd (NSEL).