Jindal Drilling slips as arbitration award passed against company

The stock slipped 6% to Rs 174 on the BSE in noon deal trade.

Jindal Drilling & Industries slipped 6% to Rs 174 on the BSE in noon deal trade after the exploration & production firm said an arbitration award has been passed against the company to make payment of $31.8 million by way of damages.

“An arbitration award has been passed against the company to make payment towards principal outstanding amount of $31.8 million by way of damages,” Jindal Drilling said in a statement.

“Interest on the damages awarded accruing at the daily rate of US prime plus 1%, compounded quarterly until the date of payment and cost of arbitration and other expenses,” it added.

The company said it is taking necessary steps to contest in relation to the award.

Till 12:36 pm; a combined 156,959 shares changed hands on the counter on the BSE and NSE.