Aban Offshore tumbled 8.85% to Rs 735.80 at 09:33 IST on BSE, with the stock extending Wednesday's slide triggered by the firm approving the allotment of shares to eligible QIBs.
Meanwhile, the S&P BSE Sensex was down 17.84 points or 0.07% at 25,426.97
On BSE, so far 5.83 lakh shares were traded in the counter as against average daily volume of 4.41 lakh shares in the past one quarter.
The stock hit a high of Rs 824.25 and a low of Rs 716 so far during the day. The stock had hit a 52-week high of Rs 939.90 on 8 July 2014. The stock had hit a 52-week low of Rs 200.05 on 31 July 2013.
The stock had outperformed the market over the past one month till 9 July 2014, rising 6.06% compared with the Sensex's 0.53% fall. The scrip had also outperformed the market in past one quarter, gaining 44.82% as against the Sensex's 12.08% rise.
The mid-cap company has equity capital of Rs 8.70 crore. Face value per share is Rs 2.
Shares of Aban Offshore dropped 16.55% in two trading days from a recent high of Rs 881.80 on 8 July 2014. The fall was triggered by Aban Offshore announcing after market hours on Tuesday, 8 July 2014 that the Capital Issue Committee of the company at its meeting held on 8 July 2014, has approved allotment of 1.07 crore equity shares of face value Rs 2 to eligible Qualified Institutional Buyers (QIBs) at the issue price of Rs 695.50 per equity share, aggregating to Rs 749.99 crore. The stock declined 8.46% to settle at Rs 807.20 on Wednesday, 9 July 2014.
Aban Offshore's consolidated net profit jumped 164.2% to Rs 160.37 crore on 9.6% growth in net sales to Rs 1051.78 crore in Q4 March 2014 over Q4 March 2013.
Aban Offshore is India's largest offshore drilling contractor in the private sector, offering drilling and oil field services for offshore exploration and production of hydrocarbons to the oil industry in India and abroad.
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