NYSE remains keen on MCX stake sale NYSE Euronext is still planning to divest its stake in Multi Commodity Exchange of India, even as the value of the futures exchange has dropped dramatically in recent weeks. NYSE Euronext, which is awaiting final regulatory approval for its sale to IntercontinentalExchange in the coming weeks, has earmarked the disposal of the 5 per cent holding as part of a corporate efficiency drive to cut costs and sell non-core assets. The transatlantic bourses operator has been free to sell the stake since a lock-up expired in March and retains it, despite plans to offload it in the first half. However, the shares of MCX have fallen by more than three-quarters since the start of the year amid concern that international investors may be shunning India. Shares have also halved in recent weeks on concerns over its links to the National Spot Exchange, which is being investigated by local authorities over concerns the bourse can cover some futures trades open on the exchange. Both MCX and NSEL are owned by the same parent, Financial Technologies (India). MCX offers futures trading in commodities, while NSEL mainly offers spot trading in physical commodities such as metals and agricultural goods. However, Shreekant Javalgekar, chief executive of MCX, in a regulatory filing on Friday, said: "MCX and National Spot Exchange are totally different entities with no financial commitments or exposure to each other whatsoever." Shares in MCX began to recover on Monday, rising 5 per cent to Rs255.4. A person familiar with NYSE's plans said the group was still planning to sell it. NYSE had said it hoped to raise about $100m from the sale of non-core stakes such as MCX and LCH.Clearnet, the transatlantic clearing house which sold a controlling interest in itself to the London Stock Exchange Group in May. The pro-rata sale of its LCH stake to LSE Group generated profit of about $10m, NYSE disclosed earlier in August.