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Commentary

Big Investors Lose 400 cr. as FT Crashes 65%. Who Lost What?

Financial Technologies (FT) lost over 1,600 cr. in market cap today. The impact will be felt by many, including many of us who indirectly own stakes through mutual funds which own this stock. Let’s see who’s impacted.

The share ended the day at Rs. 191, down 65%, one of the largest falls in a single day for a stock on the exchange.

Shareholders of Financial Technologies

Major shareholders own around 25% of FT. (Only from the last quarterly shareholding pattern as of June 30, 2013)

 

Shareholders (FT) Shares (Lakh) Impact (Cr) % of Company
Ravi and Bharat Sheth 37.97             -132.21 8.24%
Pivotal Securities 5.65                -19.67 1.23%
FIIs (FT)      
Blackstone 32.36             -112.68 7.02%
Citi Venture Cap 19.76                -68.80 4.29%
Acacia 14.25                -49.62 3.09%
Fidelity 5.02                -17.48 1.09%

The Sheth brothers (who own Great Eastern Shipping) have lost a packet today with a hit of over R. 130 crores.

Pivotal Securities is rumoured to be owned by Professor Shivanand Mankekar, a value investor of some repute, and who’s lost about 20 cr. today. However, Prof. Mankekar will have other things on his mind, as his other shares like Strides Arcolab and Wockhardt (continuous lower circuits) are doing really badly.

Pivotal Securities is owned by Arun Jayantilal Shah, Bimal and Jayesh Parekh, not by Prof Mankekar. (Apologies). These guys run Sunidhi Securities. (Thanks to Dheeraj and @tradewithvj who pointed me to the correct info)

FIIs have seen a mark to market hit of over 250 cr. today.

Shareholders of MCX Limited

MCX – the Commodities exchange and a part owner of MCX-SX – is owned by a large number of players. The stock stayed at the lower circuit at 20% down all day. It’s now half of the IPO price at 510.55.

Shareholders (MCX) Shares (Lakh) Impact (Cr) % of Company
Times Group 11.44                -14.64 2.25%
NSE  12.5                -16.00 2.45%
IFCI 24.42                -31.26 4.79%
NABARD 15.63                -20.01 3.06%
Corporation Bank 15.05                -19.26 2.95%
HDFC Bank 5.25                  -6.72 1.03%
Bank of India 5.25                  -6.72 1.03%
Union Bank of India 5.25                  -6.72 1.03%

 

The impact to banks is tiny, but an entity such as the Times group (Bennett Coleman) is only surprising because it’s also a shareholder in the continuously falling Gitanjali Gems.

Foreign investors own 31% of MCX and have lost around 200 cr. today.

FIIs  Shares (Lakh) Impact (Cr) % of Company
Blackstone 10.2                -13.06 2.00%
Citi Venture Cap 19.76                -25.29 4.29%
Passport Capital 25                -32.00 4.90%
Fidelity 25.5                -32.64 5.00%
Singapore Govt 5.5                  -7.04 1.08%
Intel Capital 8.27                -10.59 1.62%
Merrill Lynch 14.25                -18.24 2.79%
Aginyx Cyprus 24.42                -31.26 4.79%
EuroNext 24.13                -30.89 4.73%

Coming soon: Mutual Funds that owned FT and MCX.

(Much of this data has been sourced through the Capital Mind database, a proprietary data store that is being built)