Australia's Bluechiip plunges as key customer terminates deal; records worst session

Bluechiip

16/07/2020 03:32

** Shares of wireless tracking solution developer Bluechiip
 BCT.AX  plunge as much as 61.4% to A$0.022, recording their
worst session in history
    ** Co says Labcon North America has served notice of its
intention to end a chip supply deal  urn:newsml:reuters.com:*:nASX5qJZ2J
    ** Bluechiip considers termination as unlawful; refutes
Labcon's claim for damages of $500,000
    ** Co adds it has sought to recover $3.5 mln in outstanding
balance from Labcon 
    ** Shares of Bluechiip hit their lowest level since Aug.
2016
    ** More than 8.7 mln shares change hands, nearly 10 times
the 30-day average volume of about 881,300
    ** BCT stock had dropped 63.2% this year, as of last close

 (Reporting by Deepali Saxena)
 ((Deepali.Saxena@thomsonreuters.com;))