The Deep Industries' stock is down 13 percent in the last two sessions on fear that the Oil and Natural Gas Corporation (ONGC) contract is in jeopardy.
In an interview to CNBC-TV18, Paras Savla, CMD of Deep Industries spoke about the latest happenings in the company.
Getting notices (show cause) in contractual business is very common, he said. The company have received notices from ONGC in the past.
"ONGC understands and meets the contractors like us who are performing and are adding value to them. So we believe these allegations are baseless and are not going to get sustained," he added.
On order book front, he said the current order book is around Rs 800 crore.
"The allegations were about the collaborations that we had taken for past few bids. As a matter of it these complaints have been due to the effect of the contract which was already running about a year-and-a-half back. So the complaint and the notice that we have received, it's about a year-and-a-half of which we have already completed 65-70 percent of the work and that is why we feel that these allegations are completely baseless," said Savla.
Watch accompanying video for more details.
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