Stocks

Oracle Fin plunges on dispute with Irish customer

PTI Mumbai | Updated on February 03, 2011

Shares of Oracle Financial Services Software slipped by over 5 per cent in the early trade on the BSE today after the company’s 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 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 per cent to a month-low of Rs 2,063.45 on the Bombay Stock Exchange.

Similarly on the National Stock Exchange, the scrip dipped by 5.09 per cent to Rs 2,065 apiece in the morning trade.

Later in the pre-noon session, the scrip was trading down 4.32 per cent at Rs 2,080 on the BSE and down 4.3 per cent at Rs 2,082.20 on the NSE.

However, the BSE filing said all the allegations levied by AIB are being rigorously defended by the company and it will also file a counter-claim against AIB for breach of contract and outstanding fees.

Published on February 03, 2011

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