Punj Lloyd dips on UK court directive to pay IFC's claims

A UK court has directed the company to pay a sum of US$ 26,173,659.16 (plus summary assessment costs amounting to British pounds 75,000), to IFC

Shares of Punj Lloyd were down over 4% at Rs 19.30 on the Bombay Stock Exchange after the company said that a UK court has directed the company and its subsidiary to pay International Finance Corporation, towards their claims.

The Company and its subsidiary, M/s. Punj Lloyd Upstream Limited (PLUL) have been ordered to pay by the High Court of Justice, Queen’s Bench Division, Commercial Court, UK sum of US$ 26,173,659.16 (plus summary assessment costs amounting to British pounds 75,000), to International Finance Corporation, towards their claims, Punj LLoyd said in a release.

The Company is considering various legal options and shall take appropriate steps in respect of such order, the release added.
 

The stock opened at Rs 19.80 and touched a low of Rs 19.05. At 12:05pm, over 1.1 million shares were traded on both the stock exchanges.