Petron Engineering Receives Order Worth Rs 110 Crores Stock Plunges Over 15%

Petron Engineering on Wednesday has received an order worth Rs 110 Crores from the Guruashish Construction Pvt. Ltd. Petron Engineering will build structure works at Goregaon (West), Mumbai. “We have received work order from M/s Guruashish Construction Pvt. Ltd., HDIL Towers, Bandra (East), Mumbai, for building structure works at Goregaon (West), Mumbai, for a total value of approx. Rs 110 Crores", said Petron Engineering in its BSE filing on Wednesday.

The announcement came post market hours on Wednesday, as a result, the stock of the company plunged over 15% in the early morning trade on the BSE. The stock has delivered negative returns of 13.86% and has underperformed the BSE Small cap and Nifty Infrastructure indices over the same time span.

The stock on May 6, 2016, had hit its 52-wek high of Rs 226.40 per share and on November 22, 2016, the stock had hit its 52-week low of Rs 121.30 per share on the NSE.

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About Suhani Varma

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