MUMBAI: Shares of Financial Technologies (India) ended 6 per cent lower today after the Enforcement Directorate arrested its founder Jignesh Shah in connection with the Rs 5,600-crore National Spot Exchange Limited (NSEL) money laundering scam.After plunging 8.45 per cent to Rs 83.40 in intra-day trade, shares of the company finally ended at Rs 85.60, down 6.04 per cent on BSE.On NSE, shares of the company settled 6 per cent lower at Rs 85.85.The company's market valuation fell by Rs 24.57 crore to Rs 394.43 crore.On the volume front, 4 lakh shares of the company were traded on BSE and more than 14 lakh shares changed hands at NSE during the day.Officials said Shah was arrested yesterday under the provisions of the Prevention of Money Laundering Act (PMLA) as "he was not cooperating in the investigation".Reacting to the development, FTIL had said in a statement, "We fail to understand why such a coercive step was taken against by the ED when Shah has been fully cooperating with the investigation."

Source: Economic Times July 13, 2016 12:33 UTC