WABAG’s stock fell 16% after the cancellation of a $317 million order for a 300 MLD mega seawater desalination plant in Saudi Arabia. The announcement, made on December 16, 2024, cited internal administrative procedures as the reason for the project being called off.
In the exchange filing, the company shared, “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. We are currently in touch with the Customer to understand and comprehend the reasons in detail.”
Originally unveiled on September 6, 2024, the project was a cornerstone venture for WABAG in the Kingdom of Saudi Arabia. The company is now in discussions with the customer to understand the rationale behind the decision and seek further clarity.
As of 9:16 am, WABAG shares were trading 16.55% lower at Rs 1573.30 on the NSE.
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