Oracle Financial drops as devaluation in Egyptian Pound to hit receivables

Oracle Financial Services Software declined 0.8% to Rs 3.004.50 at 10:30 IST on BSE after the company is estimating a charge of Rs 60 crore on its receivables from customers in Egypt during the current quarter.

The announcement was made after market hours yesterday, 5 December 2016.

Meanwhile, the BSE Sensex was up 82.16 points, or 0.31%, to 26,431.26.

On BSE, so far 220 shares were traded in the counter, compared with an average volume of 2,109 shares in the past one quarter. The stock hit a high of Rs 3,020 and a low of Rs 2,994.40 so far during the day.

The large-cap company has an equity capital of Rs 42.51 crore. Face value per share is Rs 5.

Oracle Financial Services Software announced that due to significant devaluation of Egyptian Pound post the recent liberalization of the exchange rates by the Egypt Government, the company is estimating a charge of Rs 60 crore on its receivables from customers in Egypt during the current quarter.

Oracle Financial Services Software is a world leader in providing products and services to the financial services industry and is a majority owned subsidiary of Oracle Corporation.

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