Asian Energy Services Shares Plunged 6% after Acquiring 50% Interest in the Oil & Gas field in Gujarat

Asia Energy Services shares rose 6% after Asia Energy Services took a 50% interest in the Indrora oil and gas field in Gujarat.

On March 21, Asian Energy Services’ shares plunged over 6% in the intraday after the company said it would acquire a stake in an oil & gas field at Indrora, Gujarat.

According to a filing from the Bombay Stock Exchange, Asian Energy stated that its holding company Oilmax Energy Private Limited, has approved a mining lease for 20 years with effect from April 1, 2023, of DSF Block for Crude Oil and Natural Gas from the Gujarat Government under the Energy and Petrochemicals Department.

The stock price has increased over 75% in the previous 15 days, trading at Rs 95.99, up Rs 6.01 or 6.68% on BSE. It has touched an intraday high of Rs 98.50 and an intraday low of Rs 92.05.

The scrip was trading with volumes of 55,382 shares, associated with its five-day average of 40,943 shares, an upsurge of 35.27%.

It traded with volumes of 53,190 shares, compared to its 30-day average of 29,568 shares, an upsurge of 79.89%.

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