HAL said it has initiated necessary action with regards to the arbitration process
Shares of Hindustan Aeronautics
Limited (HAL) slid over 5 per cent to Rs 637.40 on the BSE on Wednesday after the state-run firm said it has received notice from International Court of Arbitration on request from RUAG Aerospace Services GMBH.
In an exchange filing yesterday, HAL said it has initiated necessary action with regards to the arbitration process.
"The amount in dispute partially quantified by the opposition party is $21,872,500 against alleged damages on breach of agreement regarding the supply of structural parts for the production of Dornier-228, by HAL," it said.
At 10:30 AM, the stock was down 3.04 per cent at Rs 652.40 as compared to 0.28 per cent in the benchmark S&P BSE Sensex. Around 25,800 shares have changed hands on the counter on the NSE and BSE so far. The stock was trading close to its 52-week low level of Rs 620, hit on August 5, 2019. So far in 2020, HAL has slipped 7.77 per cent as compared to 6.5 per cent dip in the benchmark S&P BSE Sensex in the same period.