VA Tech Wabag is the top loser on the BSE currently; opening 9.5% lower at Rs.1705.05, the stock slipped to an intraday low at Rs.1522.30, down 19%, not too far from its 20% LC of the day at Rs.1506.80.

The stock slipped into the red after the company announced that Saudi Arabia has cancelled its order. This was a Rs.2700 crore order for putting up a 300 Mega Sea Water Desalination plant in Saudi.

The order was cancelled due to their internal administrative procedures and the company said that it was in touch with the customer to understand and comprehend the reasons in detail.

Any order cancellation is bad news and that too from a prestigious client is not going down well with the market and analysts alike.