Deep Industries falls 16% on heavy volumes

A combined 1.3 million shares or 3.9% of total equity of Deep Industries changed hands till 2:36 pm

Deep Industries tanked 16% to Rs 256 on BSE in intra-day trade on back of heavy volumes.

At 2:36 pm; the stock was down 13% to Rs 266, as compared to a marginal 0.01% decline in the S&P BSE Sensex. The trading volumes on the counter surged multiple-fold. A combined 1.26 million shares representing 3.9% of total equity of the company changed hands on the BSE and NSE so far.

Deep Industries said that the company has received the show cause notice from ONGC pertaining to certain allegations made in respect of ongoing contracts.

“The company has sought various documents from ONGC based on which allegations are made. ONGC’s response is still awaited on the same,” Deep Industries said in investor release.

Deep Industries made a clarification in connection with the various queries the company are receiving from financial community with regards to the news item 'Deep Industries in trouble-I: Move to blacklist company'&'Deep Industries in trouble-II: Tug of war on' appearing on website https://bsmedia.business-standard.comwww.indianpetroplus.com.

Deep Industries has clarifies that it is pioneer company in Indian oil & gas services business for last 3 decades and maintains highest level of integrity in its business conduct while serving clients across varied services both in public and private space.

In past one year, the stock had outperformed the market by surging 71% as compared to 17% rise in the Sensex till Wednesday.