Deep Industries hits 52-week low; stock tanks 27% in two days

Deep Industries tanked 20% to Rs 107, extending its Friday’s an over 6% decline on the BSE, after the Central Bureau of Investigation (CBI) has booked officials of Oil and Natural Gas Corporation (ONGC) in Rs 800 million scam case. The stock trading at its 52-week low has tanked 27% in past two trading sessions from Rs 147 on May 31, 2018.

The oil exploration and production company said the CBI has booked 13 senior serving and retired officials of the ONGC, Rajahmundry and the company, based on complaint filed by Vigilance department of ONGC.

“This is the same matter of GDU Contract of ONGC, Rajahrnundry which is currently under dispute and writ petitions have been filed by us with Hon. High Court of judicature at Hyderabad,” Deep Industries said in a regulatory filing.

Company is committed towards co-operating with investigation agencies and confident of getting due justice, it added.

According to PTI report, the Central Bureau of Investigation said the employees of ONGC have been accused of abusing their official position in giving a contract worth Rs 3,120 million given to Deep Industries, an accused in the case, for supplying the gas dehyrdation units (GDUs), causing a loss of Rs 800 million to ONGC. CLICK HERE TO READ FULL REPORT