Asian Oilfield tanks post termination notice from Koral Energy

The share price of Asian Oilfield Services plunged by 20 per cent to its 52-week low of Rs 134 on the BSE on Thursday, after the company announced that its unit Asian Oilfield and Energy Services DMCC received a termination notice from Koral Energy International.  
  
However, the termination notice is allegedly not in accordance with the terms and conditions of the service contract, according to the company. The ADMCC has proposed to challenge the alleged termination notice and take required action to defend its position and recover money due under its service contract.      
  
The stock hit an intra-day high of Rs 151 and an intra-day low of Rs 134 on the BSE on Thursday. The stock had hit its 52-week high of Rs 297.45 on January 10, 2018, and its 52-week low of Rs 134 per share on May 10, 2018, on the BSE.     
  
The stock ended at Rs 137.95, down by 17.64 per cent on the BSE on Thursday. Meanwhile, S&P BSE Sensex ended at 35,246.27 level, lower by 0.21 per cent and the NSE Nifty closed at 10,716.55 level, down by 0.23 per cent on Thursday.