Punj Lloyd drops 9.38% in two sessions

Punj Lloyd dropped 4.43% to Rs 18.35 at 15:22 IST on BSE, with the stock extending losses triggered by the UK's Commercial Court ordering the company and its subsidiary to pay $26.17 million to International Finance Corporation towards its claims.

Meanwhile, the BSE Sensex was up 13.41 points, or 0.05%, to 26,857.36.

On BSE, so far 4.68 lakh shares were traded in the counter, compared with an average volume of 2.35 lakh shares in the past one quarter. The stock hit a low of Rs 18.30 in intraday trade so far, which is record low for the counter. The stock hit a high of Rs 19.30 so far during the day. The stock hit a 52-week high of Rs 35.80 on 6 August 2015.

Punj Lloyd after trading hours on 1 June 2016, said that the High Court of Justice, Queen's Bench Division, Commercial Court, UK has ordered the company and its subsidiary, Punj Lloyd Upstream (PLUL), to pay $26.17 million plus summary assessment costs amounting to 75000 pounds, to International Finance Corporation (IFC), towards their claims. The company said it is considering various legal options and shall take appropriate steps in respect of such order. The stock dropped 5.19% to settle at Rs 19.20 yesterday, 2 June 2015 after the announcement. The stock dropped 9.38% in two trading sessions to its current ruling price of Rs 18.35 from the closing price of Rs 20.25 on 1 June 2016.

Punj Lloyd posted net loss of Rs 467.99 crore in Q4 March 2016, compared to net profit of Rs 268.53 crore for Q4 March 2015. The company's net sales decreased 44.9% to Rs 688.13 crore in Q4 March 2016 over Q4 March 2015.

Punj Lloyd is a diversified international conglomerate offering EPC services in energy and infrastructure along with engineering and manufacturing capabilities in the defence sector. Punj Lloyd has operations spread across 24 countries, a mix across the Middle East, Africa, the Caspian, Europe, Asia Pacific and South Asia.

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