Oracle Financial Services plunges on dispute with Irish customer
Oracle Financial Services Software slipped after Allied Irish Banks Plc filed a lawsuit in the High Court of Ireland against the company.
By PTI |
MUMBAI: Shares of Oracle Financial Services Software slipped by over 5 per cent in early trade on the BSE today after a customer, Allied Irish Banks Plc (AIB), filed a lawsuit in the High Court of Ireland against the company and one of its arms, claiming 84 million euros in damages.
"The AIB claim alleges breach of contract, misrepresentation and negligence," Oracle Financial Services Software said in a filing to the Bombay Stock Exchange.
Reacting to the development, the company's shares plunged by up to 5.08 per cent to a month-low of Rs 2,063.45 on the Bombay Stock Exchange.
Shares of Oracle Financial Services Software witnessed a similar slide on the National Stock Exchange, dipping by 5.09 per cent to Rs 2,065 apiece in morning trade.
However, the BSE filing said all the allegations levied by AIB are being rigorously defended by the company and the company will also be file a counter-claim against AIB for breach of contract and outstanding fees.
Meanwhile, the BSE benchmark Sensex was up 296.52 points higher at 18,387.14 at 1115 hours today.
"The AIB claim alleges breach of contract, misrepresentation and negligence," Oracle Financial Services Software said in a filing to the Bombay Stock Exchange.
Reacting to the development, the company's shares plunged by up to 5.08 per cent to a month-low of Rs 2,063.45 on the Bombay Stock Exchange.
Shares of Oracle Financial Services Software witnessed a similar slide on the National Stock Exchange, dipping by 5.09 per cent to Rs 2,065 apiece in morning trade.
However, the BSE filing said all the allegations levied by AIB are being rigorously defended by the company and the company will also be file a counter-claim against AIB for breach of contract and outstanding fees.
Meanwhile, the BSE benchmark Sensex was up 296.52 points higher at 18,387.14 at 1115 hours today.
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