Shares of Multi Commodity Exchange (MCX) of India Ltd. opened as much as 5% lower on Friday, November 7, after global brokerage firm Morgan Stanley maintained an 'Underweight' rating on the stock, with a target price of ₹5,860.

The target implies a potential downside of 37% from MCX's last closing price.

Morgan Stanley said MCX's Q2 profit after tax (PAT) was in line with estimates, while core EBITDA (excluding non-operating income) also met expectations despite a 2% reduction in costs.

The exchange had faced a technical issue on October 28, but has identified the root cause and taken steps to address the constraints to prevent recurrence.

According to the brokerage, average daily transaction revenue (ADTR) saw a sharp spike in October to ₹9.5 crore, before moderating to ₹8 crore over

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