Lanco shares tumble over 12% on Oz lawsuit

In intra-day,the scrip touched its 52-week low of Rs 21.90 a piece.

On National Stock Exchange,the company shares closed 11.71 per cent down at Rs 22.25 a piece,after shedding 14.68 per cent during the day to a one-year low of Rs 21.50.

The market capitalisation of the company also declined to Rs 5,513 from Rs 6,079 crore in the previous close.

Australia-based Perdaman has filed the lawsuit against Lanco for not complying with coal supply agreement for an upcoming urea plant.

Perdaman had entered into a 25-year coal supply pact with Griffin Coal,which was acquired by diversified group Lanco for AUD 730 million in March 2011.

According to Australia-based Perdaman — which is currently focused on urea production — Lanco is not complying with the coal supply agreement,worth billions of American dollars.

The BSE benchmark Sensex finished the day higher by 513.19 points,or 2.89 per cent to settle at 18,240.68.