Punj Lloyd dropped 4.2% to Rs 19.40 at 10:30 IST on BSE after the UK's Commercial Court ordered the company and its subsidiary to pay $26.17 million to International Finance Corporation towards their claims.
The announcement was made after trading hours yesterday, 1 June 2016.Meanwhile, the BSE Sensex was down 24.26 points, or 0.09%, to 26,689.67.
On BSE, so far 2.19 lakh shares were traded in the counter, compared with an average volume of 2.34 lakh shares in the past one quarter. The stock hit a low of Rs 19.05 in intraday trade so far, which is record low for the counter. The stock hit a high of Rs 19.80 so far during the day. The stock hit a 52-week high of Rs 35.80 on 6 August 2015. The stock had underperformed the market over the past one month till 1 June 2016, falling 13.83% compared with 4.32% gains in the Sensex. The scrip had also underperformed the market in past one quarter, declining 9.8% as against Sensex's 12.34% gains.
The small-cap company has an equity capital of Rs 66.42 crore. Face value per share is Rs 2.
Punj Lloyd said that the High Court of Justice, Queen's Bench Division, Commercial Court, UK has ordered the company and its subsidiary, Punj Lloyd Upstream (PLUL), to pay $26.17 million plus summary assessment costs amounting to 75000 pounds, to International Finance Corporation (IFC), towards their claims. The company said it is considering various legal options and shall take appropriate steps in respect of such order.
Punj Lloyd posted net loss of Rs 467.99 crore in Q4 March 2016, compared to net profit of Rs 268.53 crore for Q4 March 2015. The company's net sales decreased 44.9% to Rs 688.13 crore in Q4 March 2016 over Q4 March 2015.
Punj Lloyd is a diversified international conglomerate offering EPC services in energy and infrastructure along with engineering and manufacturing capabilities in the defence sector. Punj Lloyd has operations spread across 24 countries, a mix across the Middle East, Africa, the Caspian, Europe, Asia Pacific and South Asia.
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