Ashapura Minechem dropped 15.13% to Rs 39 at 11:25 IST on BSE on reports the company faces three lawsuits in New York federal court seeking a total of more than $47 million.
The stock hit a high of Rs 44.50 and a low of Rs 38.55 so far during the day. The stock had a 52-week high of Rs 445 on 2 January 2008 and a 52-week low of Rs 38.65 on 15 October 2008.
The small-cap bulk minerals producer has an equity capital of Rs 15.80 crore. Face value per share is Rs 2.
The current price of Rs 39 discounts its Q1 June 2008 annualised EPS of Rs 11.95, by a PE multiple of 3.26.
The lawsuits are filed by shipping firms Armada Shipping Pte and Eitzen Bulk and maritime insurer British Marine. Reports suggest that one of the three law suits pertained to maritime law. No information was available about the other two.
Ashapura Minechem is into mining of bentonite, bauxite, allied minerals and it exports to over 30 countries in Middle East, Latin America, Europe, Egypt, Japan and South East and Australia.
Ashapura Minechem’s net profit rose 27.5% to Rs 23.60 crore on a 14% rise in sales to Rs 297.72 crore in Q1 June 2008 over Q1 June 2007.
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