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Great Offshore slips 4% on ONGC deal cancellation

This article was posted on May 15, 2009 and is filed under Stock News

The stock touched a high of Rs 277, up over 5% from the day’s low. It finally ended at Rs 266, down over 4%. The counter witnessed trades of 414,659 shares on the BSE today.Great Offshore has shed 3.5% following news of ONGC cancelling a rig deal with the shipping major.

The stock opened at Rs 265, and slipped further to a low of Rs 263. It is trying to recover and is now at Rs 268, down 3.5%. The counter has clocked a volume of 168,159 shares on the BSE so far.

Great Offshore stands to lose Rs 73 lakh daily revenue for not being able to provide a shalow water rig to ONGC within the deadline. The company had placed the order for the rig with Bharati Shipyard and has contracted it to ONGC.
source: Business-Standard

Tags: Great Offshore, ONGC

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