HOEC loses steam

HOEC is the top loser on the BSE since the opening bell today. The stock opened over 11% lower at Rs.194 and went down to an intraday low at Rs.183.75, down almost 16.5%.

The company first gave the good news – it completed the pre-commissioning and safety checks at KGB-Offshore Installation (MOPU) and FSO Prem Pride (FSO); the system is now ready to receive the first hydrocarbons.

The bad news - the well opening sequence has encountered operational issues and troubleshooting is currently on and the field will go on stream once the issues are rectified.