Dev Information hits 52-week low despite Rs 3-crore order from IT ministry

Dev Information Technology shares were locked at 5 percent lower circuit and touched a 52-week low of Rs 84.15  in the early trade on March 29.

At 9:18am, Dev Information Technology was quoting at Rs 84.20, down Rs 4.35, or 4.91 percent, on the BSE.

The plunge in the share price took place despite the company bagging an order from National Informatics Centre Service Inc for the Ministry of Electronics and Information Technology for design, development, implementation and maintenance of application software and website for the Lok Sabha secretariat.

The order value is approximately Rs 3 crore and to be executed in approximately six months.

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On March 21, the company received an order from the National Informatics Centre Service Inc for design, development, implementation and maintenance of application software and website for the Rajya Sabha Secretariat.

This was worth approximately Rs 91 lakh with a six-month project time.