ICICI Bank, the biggest private sector lender in India, slipped more than one percent on Thursday on legal action by Perdaman Chemicals.
Griffin, Lanco's purchase from an economic interest has terminated its coal supply agreement with Australian company, Perdaman. However, in an interview to CNBC-TV18 on the latest development, Vikas Rambal, chairman and managing director of Perdaman Chemicals says Griffin's termination of the supply contract is illegal.
Perdaman Chemicals has got a temporary restraint against Lanco Infra against mortgaging Griffin Coal in the future. Andreas Walewski, Director says that the matter will be settled in a hearing on Wednesday.
The Lanco Infratech stock slipped further on Monday on concerns over the 3.7 billion dollar lawsuit filed by Australian-based Perdaman Industries against the company.
With the hike in diesel prices, oil and gas companies have become attractive investments.Companies like ONGC and BPCL have seen a boost in share prices, which is encouraging investors to buy into these stocks.