Shiv-Vani Oil & Gas Exploration Services was locked at 5% lower circuit at Rs 13.05 at 15:09 IST on BSE after the London Court directed the company to pay Citibank in a case filed by bondholders against the company.
Meanwhile, the BSE Sensex was down 186.32 points, or 0.9%, to 20,536.65
On BSE, so far 4,954 shares were traded in the counter with pending sell orders of 33,409 shares at lower circuit. The stock has an average daily volume of 25,523 shares in the past one quarter.
The stock opened with downward gap, falling by the maximum 5% daily circuit and remained locked at the 5% level at Rs 13.05 so far in the day. The stock had hit a 52-week high of Rs 75 on 25 February 2013. The stock had hit a 52-week low of Rs 8.75 on 3 September 2013.
The stock had underperformed the market over the past one month till 19 February 2014, falling 13.51% compared with the Sensex's 1.62% fall. The scrip had also underperformed the market in past one quarter, falling 12.57% as against Sensex's 0.80% decline
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The small-cap seismic data operator has an equity capital of Rs 46.36 crore. Face value per share is Rs 10.
Shiv-Vani Oil & Gas Exploration Services during market hours today, 20 February 2014 said that the London Court has given a Summary Judgment in the case filed by the Bondholders through their Trustees, Citibank N.A., London (Citibank). According to the Judgment, the company has to pay to Citibank a sum of $84 million, $2.21 million in respect of default interest upto 11 February 2014 and $11,988 per day of default interest from 11 February 2014 to the date of payment.
However, the company is proposing to file appeal against the said judgment within the prescribed period of limitation and also seek stay of the judgment, Shiv-Vani Oil & Gas Exploration Services said in a statement.
On a consolidated basis, Shiv-Vani Oil & Gas Exploration Services reported net loss of Rs 192.31 crore in Q3 December 2013, higher than net loss of Rs 11.31 crore in Q3 December 2012. Net sales dropped 78.1% to Rs 59.43 crore in Q3 December 2013 over Q3 December 2012.
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