HAL plunges around 4 per cent after getting arbitration notice
The shares of Hindustan Aeronautics Limited (HAL) plunged around four per cent at the time of market closing, after the aerospace and defence company said that it has received a notice from International Court of Arbitration on the request of RUAG Aerospace Services GMBH.
In an exchange filing on Tuesday after market hours, HAL said that following the notice, the company has already started taking necessary actions. The statement further said, “The amount in dispute partially quantified by the opposition party is $21,872,500 (i.e. EUR 20,000,000) against alleged damages on breach of agreement regarding the supply of structural parts for the production of Dornier-228, by HAL.”
International Court of Arbitration is an institution, which resolves international commercial disputes. It operates under International Chamber of Commerce (ICC), comprising more than 100 arbitrators from around 90 countries.
At the time of market closing, the stock of HAL was trading at Rs 646.50, down by 3.92 per cent against its previous close of Rs 672.85. Its 52-week high is Rs 896.35 while, its 52-week low is Rs 620.00 on BSE.