Punj Lloyd shares plunged 6 per cent intraday on BSE and hit their new all-time low of Rs 19.05 after a UK court on Wednesday asked the infrastructure major to pay $26 million to International Finance Corporation (IFC) for their claims.
At 1.16 pm, shares of Punj Lloyd were trading 4.44 per cent down at Rs 19.35. The scrip opened at Rs 19.80 and has touched a high and low of Rs 19.80 and Rs 19.05, in trade so far.
Later, the scrip closed 5.19 per cent down at Rs 19.20.
Punj Lloyd in a filing to the BSE today said, “The company is considering various legal options and shall take appropriate steps in respect of such order.”
Punj Lloyd on May 27 posted a consolidated net loss of Rs 382.08 crore for the March quarter on sharp decline in income. The company had posted a net profit of Rs 15.31 crore in the corresponding quarter a year ago.
For the financial year ended March 31, 2016, the company reported a consolidated net loss of Rs 2,245.34 crore, down 96.77 per cent, against net loss of Rs 1,141.11 crore last year.
Punj Lloyd has order backlog of Rs 23,836 crore as on March 31, including order backlog of Rs 6,845 crore in Libya.