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Shares of Punj Lloyd today fell 6 per cent 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 tumbled 5.92 per cent to Rs 19.05 — its 52-week low — on the BSE.
On the NSE, it went down by 5.67 per cent to hit a one-year low of Rs 19.10.
“The company is considering various legal options and shall take appropriate steps in respect of such order,” Punj Lloyd had said in a BSE filing yesterday.
“The company and its subsidiary, Punj Lloyd Upstream Ltd (PLUL), has 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 £75,000), 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 along with engineering and manufacturing capabilities in the defence sector.
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