Aban Offshore slumps 46% in five days on concerns of slowdown in orders

Aban Offshore sank 16.12% to Rs 1100 at 14:41 IST on BSE, extending losses for the fifth session a row.

Meanwhile, the BSE Sensex was down 443.22 points, or 3.86%, to 11244. Stocks fell across the world on concerns the global credit crisis will topple more global banks.

On BSE, 3.35 lakh shares were traded in the counter. The scrip had an average daily volume of 93,451 shares in the past one quarter.

The stocks has slumped 46.33% in five trading sessions from Rs 2049.85 on 30 September 2008.

The stock hit an intraday low of Rs 1021, also its 52-week low. It hit an intraday high of Rs 1250. The stock had a 52-week high of Rs 5555 on 20 November 2007.

The scrip had underperformed the market over the past one month till 7 October 2008, falling 42.63% compared to the Sensex's 19.25% fall. It had also underperformed the market in the past one quarter, falling 50.37% compared to Sensex's 13.54% decline.

The mid-cap offshore drilling contractor has an equity capital of Rs 7.56 crore. Face value per share is Rs 2.

The current price of Rs 1100 discounts its Q1 June 2008 annualised EPS of Rs 75.67, by a PE multiple of 14.53.

Aban caters to the oil exploration industry. The sharp slide in Aban's stock price was on concerns of slowdown in orders following the recent sharp slide in global crude oil prices to below $90 a barrel.

Aban Offshore's net profit rose 152% to Rs 71.51 crore on a 93.5% rise in sales to Rs 246.95 crore in Q1 June 2008 over Q1 June 2007.

Aban Offshore provides oil field services for offshore exploration and production. The company offers technical services, specialists drilling and other services for offshore oil exploration and development. The company also has its own floating production and storage facilities.