NEW DELHI: Shares of Jindal Drilling & Industries (JDIL) jumped as much as 16.2 per cent in the early trade on Thursday after the company reached a settlement for an arbitration award worth $31.77 million for damages passed against company, for $9.1 million with a complete waiver of all other costs.

The stock posted its biggest intraday percentage gain since June 16, 2017, as per a Reuters report.

JDIL, a part of the DP Jindal Group Drilling Division, is a leading company among Indian private sector companies in offshore drilling in India’s Oil & Gas sector with the operation since 1989.

At 10:17 am, shares of the company were trading at Rs 169.50 apiece on BSE, up 11.33 per cent.