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Punj Lloyd shares down 5% on UK court order

Punj Lloyd shares on Thursday ended over 5 per cent lower after a UK court asked the infrastructure major to pay USD 26 million (about Rs 175 crore) to International Finance Corporation (IFC) for their claims.

twitter-logoPTI | June 2, 2016 | Updated 16:38 IST

Punj Lloyd shares on Thursday ended over 5 per cent lower after a UK court asked the infrastructure major to pay $26 million (about Rs 175 crore) to International Finance Corporation (IFC) for their claims.

The stock ended the day at Rs 19.20, down 5.19 per cent, on BSE. During the day, it plunged 5.92 per cent to Rs 19.05, its 52-week low.

On NSE, it slipped 5.18 per cent to close at Rs 19.20.

On the volume front, 5.07 lakh shares of the company were traded on BSE and over 18 lakh shares changed hands at NSE during the day.

"The company is considering various legal options and shall take appropriate steps in respect of such order," Punj Lloyd said in a BSE filing yesterday.

"The company and its subsidiary, Punj Lloyd Upstream Limited (PLUL), have been ordered to pay by the High Court of Justice, Queen's Bench Division, Commercial Court, UK sum of $26,173,659.16 (plus summary assessment costs amounting to GBP 75000), to IFC, towards their claims," the filing added.

However, the company did not disclose details of the case.

Punj Lloyd Group is a diversified international conglomerate offering EPC services in energy and infrastructure alongwith engineering and manufacturing capabilities in the defence sector.

 

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