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Financial Tech slumps; auditor says 2013 audit shouldn't be relied upon

Last Updated: Wednesday, September 25, 2013 - 10:37

Mumbai: Financial Technologies (India) Ltd's shares fell as much as 15 percent after the company's announcement on Tuesday that its auditor had said its audit of the company's fiscal 2013 results should not be relied upon.

Deloitte Haskins & Sells had told Financial Tech on Monday of its opinion about the company's financial statements for the year ended March 31, 2013, citing irregularities at a commodities exchange it runs.

Financial Technologies shares down 6.9 percent at early trade.

Financial Tech said Deloitte issued the opinion due to what the Indian company said was a "purported crises" at its National Spot Exchange Ltd (NSEL) unit, adding it may amend the results and seek a fresh opinion.

NSEL is a spot commodities exchange owned by Financial Tech that suspended trading last month and has since struggled to square off outstanding contracts worth over 55 billion rupees.


First Published: Wednesday, September 25, 2013 - 10:34
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