The announcement was made after trading hours on Wednesday, 9 February 2011.
Meanwhile, the BSE Sensex was down 48.99 points, or 0.28%, to 17,554.38.
On BSE, 7.94 lakh shares were traded in the counter as against an average daily volume of 9.40 lakh shares in the past one quarter.
The stock hit a low of Rs 67.05 so far during the day, which is also a 52-week low for the counter. The stock hit a high of Rs 71.75 so far during the day. The stock had hit a 52-week high of Rs 189.50 on 8 March 2010.
The stock had underperformed the market over the past one month till 9 February 2011, falling 34.51% compared with the Sensex's 10.66% decline. The scrip had also underperformed the market in past one quarter, tumbling 46.95% as against 15.95% decline in the Sensex.
The mid-cap engineering and construction company has an equity capital of Rs 66.42 crore. Face value per share is Rs 2.
The joint venture will initially focus on providing services to the growing Indian aerospace sector on supporting activities in Europe, followed by looking at the global market.
Punj Lloyd reported a consolidated net loss Rs 62.13 crore in Q3 December 2010 compared with a net profit Rs 12.48 crore in Q3 December 2009. Net sales declined 27.8% to Rs 2093.62 crore in Q3 December 2010 over Q3 December 2009. The result was announced after trading hours on Monday, 7 February 2011.