360 One To Settle Civil Suit In UK Court; Stock Hits Life High
Prashant Hasmukh Manek and others filed the suit against the company in the High Court of England and Wales, it said in the exchange filing.
Shares of 360 One Wam Ltd. hit record high on Wednesday after it entered in to a settlement deed to resolve a civil suit in the UK court.
360 One Wam will pay £11.1 million, or approximately Rs 119.38 crore, to settle the civil suit against the 360 One Asset Management and 360 Capital Pte in the High Court of England and Wales. Prashant Hasmukh Manek and others filed the suit against the company, the company said in the exchange filing.
There is no impact of payment of such settlement sum on the financial position of the company, except for an outgo towards the provision already made in the company’s books of accounts, it said.
Shares of 360 One Wam rose as much as 3.30% to Rs 1,138.95, the highest level since its listing on Sept. 19, 2019. It was trading 1.52% higher at Rs 1,119.35 as of 10:42 a.m., compared to 0.35% advance in the NSE Nifty 50 index.
The stock gained 115.28% in 12 months, and 58.17% on year to date basis. Total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 74.21.
Out of nine analysts tracking the company, eight maintain a 'buy' rating and one recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a downside of 11.8%.
