Selan Exploration Technology hits 52-week low

The stock dipped 6% to Rs 227 on the BSE.

Shares of Selan Exploration Technology have dipped 6% to Rs 227 on the BSE in otherwise firm market. 

The stock opened at Rs 242 and hit a 52-week low of Rs 216 so far. Till 1509 hours, a combined 291,498 shares changed hands on the counter on the BSE and NSE.

Asha Mahajan, one of the promoter of the company, have sold 161,139 shares or nearly 1% of her stake in Selan Exploration Technology during past two-and-half months, the BSE data shows.

Post transactions, Asha Mahajan holding in the company declined to 4.66% from 5.64% at the end of December 2014 quarter.

Thus far in 2015, the stock has underperformed the market by 39% compared with 3.5% rise in the benchmark S&P BSE Sensex.

Meanwhile, the company engaged in oil exploration and production business had reported a sharp 65% year on year drop in its net profit at Rs 4.33 crore in December quarter, due to fall in crude oil prices.

Oil prices have fallen significantly in recent months, with Brent crude now trading at approximately US $52 per barrel against $106 per barrel last year.

This drop in crude oil prices is expected to have a significant impact on the profitability of the company.