Shares of Reliance Naval
tumbled 4.5% on the BSE in today’s trade after the company received a show-cause notice from the Ministry of Defense, for termination of contract relating to 5 Naval Offshore Patrol Vessels.
“We wish to inform you that the Company has received a show-cause notice dated February 3, 2020, from the Ministry of Defense, New Delhi, for termination of Contract relating to 5 Naval Offshore Patrol Vessels (NOPVs), and that the Company shall take all the necessary steps and actions to protect its rights including arbitrary invocation of Bank Guarantees relating to subject contract,” the company said on Tuesday post market hours.
Reliance Naval & Engineering Ltd is currently trading at Rs1.69, down by Rs0.08 or 4.52% from its previous closing of Rs1.77 on the BSE.
The scrip opened at Rs1.69 and has touched a high and low of Rs1.69 and Rs1.69 respectively.