Australia's Verbrec slumps on terminating contract

Verbrec

18/11/2022 01:26

** Shares of Verbrec Ltd  VBC.AX  fall as much as 11.5% to
A$0.115, biggest intraday pct loss since June 27
    ** Co says it issued a notice of its intent to terminate the
Utilities SCADA Upgrade Project 
    ** Says terminating the project due to unresolved material
breaches
    ** The project involved upgrading and modernising the
monitoring of drinking water, recycled water, and sewerage
services across S.E. Queensland
    ** Says project was expected to be end of 2022
    ** Shares touch their lowest since Nov 1
    ** Stock has fallen 14.8% so far this week, biggest pct loss
since June 17
    ** Volumes are 8.6x the 30-day average of 45,153 shares
    ** Stock has fallen 10.3% this year as of last close 
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))