Oracle Financial Services Software fell 0.61% to Rs 3,731 at 11:28 IST on BSE after the company said one of its subsidiaries lost an arbitration proceeding against one of its vendors.
The company made the announcement after trading hours yesterday, 17 June 2015.
Meanwhile, the BSE Sensex was up 253.35 points, or 0.94%, to 27,086.01.
On BSE, so far 2,663 shares were traded in the counter, compared with an average volume of 20,199 shares in the past one quarter.
Trading in the stock was volatile. The stock rose 1.63% at the day's high of Rs 3,815. The stock fell 1.44% at the day's low of Rs 3,700 so far during the day.
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The stock hit a 52-week high of Rs 3,829 on 17 June 2015. The stock hit a 52-week low of Rs 2,536.95 on 18 June 2014.
The stock had outperformed the market over the past one month till 17 June 2015, rising 7.58% compared with 1.80% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 14.19% as against Sensex's 6.62% fall.
The large-cap company has an equity capital of Rs 42.32 crore. Face value per share is Rs 5.
Oracle Financial Services Software announced that in an arbitration proceeding between one of the company's subsidiaries and one of its vendors, an award has been passed by the arbitrator against the company's subsidiary for a sum of about Rs 80.40 crore, inclusive of interest.
Oracle Financial Services Software said that it believes the arbitrator erred in his assessment and ruling, and therefore the company will vigorously defend its position by taking all necessary steps available under law.
The company said it would keep the exchanges posted periodically till the matter is concluded.
Oracle Financial Services Software's consolidated net profit dropped 7.73% to Rs 230.37 crore on 1.28% rise in total income from operations to Rs 949.76 crore in Q4 March 2015 over Q3 December 2014.
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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