Shiv Vani hits lower circuit, again

Shiv Vani Oil & Gas continues to remain in the red. The stock had breached the lower circuit filter at Rs.13.05 yesterday and today, it has once again hit the lower circuit at Rs.12.40, down 5%.

The stock is down after the company yesterday announced that the London Court has given a Summary Judgment in the case filed by the Bondholders through their Trustees, Citibank N.A., London (Citibank). According to the Judgment, the company has to pay to Citibank a sum of $84 million of which $2.21 million is in respect of default interest upto 11 February 2014 and $11,988 per day of default interest from 11 February 2014 to the date of payment.

Like all other companies, Shiv Vani is also planning to file appeal against the said judgment within the prescribed period of limitation and also seek stay of the judgment.