NIIT Tech down on dispute with client;m-cap falls by Rs 144 cr

Shares of NIIT Technologies today ended down over 6 per cent after the company said it is facing dispute with one of its clients in Asia Pacific region.
Following the slump in the stock, the market capitalisation of the company declined by Rs 144 crore to Rs 2,285.20 crore.
NIIT Technologies yesterday said it is facing a dispute with one of its clients in the Asia Pacific region and is looking for options to resolve the same.
The stock today opened on a weak note at Rs 367.10 and slumped 9.23 per cent to touch an intra-day low of Rs 340 on the BSE.

At close, the stock was quoted at Rs 350.75, down 6.37 per cent over previous close.
"A dispute has arisen between one of the company's subsidiaries and its client in the APAC region, which may result in claims and counter claims. It is exploring various options to resolve the dispute," NIIT said in a statement.
In line with its accounting policy, NIIT will provide up to a value of USD 10 million, towards unbilled revenue, during the current quarter, it added.