Shares of Oracle Financial Services Software slipped by over 5% in early trade on the BSE today after a customer, Allied Irish Banks Plc (AIB), filed a lawsuit in the High Court of Ireland against the company and one of its arms, claiming 84 million euros in damages.
"The AIB claim alleges breach of contract, misrepresentation and negligence," Oracle Financial Services Software said in a filing to the Bombay Stock Exchange.
Reacting to the development, the company's shares plunged by up to 5.08% to a month-low of Rs 2,063.45 on the Bombay Stock Exchange.
Shares of Oracle Financial Services Software witnessed a similar slide on the National Stock Exchange, dipping by 5.09% to Rs 2,065 apiece in morning trade.
However, the BSE filing said all the allegations levied by AIB are being rigorously defended by the company and the company will also be file a counter-claim against AIB for breach of contract and outstanding fees.
Meanwhile, the BSE benchmark Sensex was up 296.52 points higher at 18,387.14 at 11:15 am today.
