After market regulator SEBI temporarily suspended the scheduled launch of its new tech platform, MCX shares fell 9% to Rs 1914.60 in early trade today.
The scheduled opening of Multi Commodity Exchange of India’s (MCX), the largest commodity derivatives exchange in the nation, was temporarily suspended by market regulator SEBI, which caused shares to decline 9% to Rs 1914.60 in early trade today.
- On Thursday, the price of MCX stock reached an all-time high of Rs 2119.60. Prior to the anticipated launch on October 3, the stock actually increased by 16% over the previous five sessions.
- Technically speaking, the MCX’s relative strength indicator (RSI) is 80.7, indicating that it is trading in overbought zone. The price of MCX shares is greater than the moving averages of five, ten, twenty, thirty, fifty, one hundred, one hundred fifty, and two hundred days.
- The regulator has advised that since the problem involves technical concerns, it will be reviewed at the SEBI Technical Advisory Committee meeting, which will take place soon, according to MCX in an exchange filing.
The new platform was about to go online three months before the December deadline, according to the launch date of October 3. The agreement between MCX and 63 Moons Technologies Ltd, the technology firm in charge of managing its trading activities, expired in September 2022.
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