 "NIIT Technologies declines on dispute with client")
NIIT Technologies has declined 6% to Rs 353 on the National Stock Exchange (NSE) after the company said a dispute has arisen between one of the company's subsidiaries & its client in the APAC region, which may result in claims & counter claims.
The company is exploring various options to resolve the dispute, NIIT Technologies said in a BSE filing.
In line with the company's accounting policy, the company shall be providing up to a value of US$ 10 million, towards unbilled revenue, during the current quarter, it added.
The stock opened at Rs 351 and hit a high of Rs 360 on the NSE. Till 1005 hours, a combined 68,829 shares changed hands on the counter on the NSE and BSE.
Meanwhile, in past nine trading sessions, the stock has declined 17% from Rs 429 on March 11, compared with 1.7% fall in CNX Nifty and 0.87% drop in CNX IT sector index.
The company is exploring various options to resolve the dispute, NIIT Technologies said in a BSE filing.
In line with the company's accounting policy, the company shall be providing up to a value of US$ 10 million, towards unbilled revenue, during the current quarter, it added.
The stock opened at Rs 351 and hit a high of Rs 360 on the NSE. Till 1005 hours, a combined 68,829 shares changed hands on the counter on the NSE and BSE.
Meanwhile, in past nine trading sessions, the stock has declined 17% from Rs 429 on March 11, compared with 1.7% fall in CNX Nifty and 0.87% drop in CNX IT sector index.
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