Aban Offshore dropped 3.92% to Rs 182.15 at 12:40 IST on BSE after the company reported consolidated net loss of Rs 337.11 crore in Q4 March 2017, higher than net loss of Rs 202.28 crore in Q4 March 2016.
The result was announced after market hours yesterday, 29 May 2017.The stock had dropped 3.73% to Rs 189.60 yesterday, 29 May 2017 ahead of its results.
Meanwhile, the S&P BSE Sensex was up 19.55 points, or 0.06%, to 31,128.83. The S&P BSE Small-Cap index was down 12.35 points, or 0.08%, to 14,842.78.
On the BSE, 1.38 lakh shares were traded in the counter so far, compared with average daily volumes of 1.81 lakh shares in the past one quarter. The stock had hit a low of Rs 180.65 so far during the day, which is also a 52-week low for the stock. The stock had hit a high of Rs 188.70 in intraday trade. The stock had hit a 52-week high of Rs 286 on 25 October 2016.
The stock had underperformed the market over the past one month till 29 May 2017, falling 15.41% compared with the 3.98% gains in the Sensex. The scrip had also underperformed the market in past one quarter, falling 20.49% as against Sensex's 8.23% gains.
The small-cap company has equity capital of Rs 11.67 crore. Face value per share is Rs 2.
Aban Offshore's total income from operations fell 37.89% to Rs 390.86 crore in Q4 March 2017 over Q4 March 2016.
In a separate announcement, Aban Offshore said that its board approved raising additional long term resources upto $400 million through issue of foreign currency convertible bonds (FCCBs), global depository receipts (GDRs), American depository receipts (ADRs), etc. The board also approved the issue of equity related securities to qualified institutional buyers upto Rs 2500 crore.
Aban Offshore owns and operates several offshore drilling rigs, drill ships, and a floating production facility.
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