VA Tech Wabag share price tumbles 19% as ₹2,700 crore order from Saudi Water Authority gets cancelled
Live MintStock Market Today: VA Tech Wabag, a technology company operating in the water sector, witnessed an over 19 per cent slide in its shares in early morning trade on Wednesday, December 18 after the company informed about an order cancellation that it bagged in September 2024 from Saudi Water Authority. VA Tech Wabag on September 6, 2024, had announced an order from the Saudi Water Authority for ₹2,700 crore towards a 300 MLD Mega Sea Water Desalination Plant in the Kingdom of Saudi Arabia, which now stands cancelled. "With reference to our above intimation dated September 06, 2024, relating to the 300 MLD Mega Sea Water Desalination Plant Order in the Kingdom of Saudi Arabia, we hereby inform that the Customer has notified all tender participants on December 16, 2024, that the said tender stands cancelled pursuant to their internal administrative procedures," the company informed via an exchange filing on Tuesday, December 17. Around 9.50 am, VA Tech Wabag share price was trading at ₹1,585.10, down 15.31 per cent.
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