MCX drops after large block share sale

Last Updated: Fri, Mar 08, 2013 09:15 hrs

Multi Commodity Exchange of India Ltd (MCX) falls 4.7 percent after 1.02 million shares changed hands on the BSE at 1,026 rupees a share earlier in the day.

Dealers say share sales are expected given the one-year lock-in period for pre-initial public offering investors ended on Thursday.

India's largest commodity bourse listed on the BSE on March 9, 2012.

Sources with direct knowledge tell Reuters that NYSE Euronext was not the seller in the block deal on Friday.

NYSE Euronext called off its plan to raise up to $46 million by selling its 4.8 percent stake in MCX, two sources with direct knowledge of the development said on Thursday.

A budget proposal to levy a commodity transaction tax on non-agricultural commodity contracts from April 1 is also seen hurting the sentiment.

More from Sify: