June 4, 2018 / 4:35 AM / 2 months ago

BUZZ-India's Deep Industries slumps to near 3 year-low; ONGC contract under scanner

** Deep Industries Ltd slumps as much as 19.8 pct to 107.15 rupees, its lowest since July 17, 2015

** Company said on Friday here the Central Bureau of Investigation (CBI) registered a case against 13 officials of ONGC and Deep after complaint filed by ONGC's vigilance dept regarding contract with ONGC

** The case was filed for alleged irregularities in a contract worth 3.12 bln rupees ($46.61 mln) given to Deep Industries in 2014 for supplying gas dehydration units for ONGC’s Rajahmundry plant in Andhra Pradesh state - media

** Deep Industries has filed writ petitions with the high court in Hyderabad

** More than 1 mln shares traded vs 30-day moving avg of about 7.4 mln

** Deep Industries stock has lost more than half its value in 12 months up to Friday

** ONGC shares down 0.6 pct ($1 = 66.9450 Indian rupees)

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