Meanwhile, the S&P BSE Sensex was down 267.39 points or 1.03% at 25,773.31.

On the BSE, 46,000 shares were traded on the counter so far as against the average daily volumes of 1.38 lakh shares in the past one quarter. The stock had hit a high of Rs 115.75 and a low of Rs 108.50 so far during the day.

The stock had hit a 52-week high of Rs 124 on 14 December 2016 and a 52-week low of Rs 27.90 on 12 February 2016. It had outperformed the market over the past one month till 23 December 2016, advancing 54.64% compared with the Sensex's 0.04% fall. The scrip had also outperformed the market in past one quarter, surging 90.22% as against the Sensex's 9.17% fall.

The small-cap company has equity capital of Rs 22.32 crore. Face value per share is Rs 10.

Shares of Asian Oilfield Services surged 9.2% to settle at Rs 115.75 on Friday, 23 December 2016 after the company announced after market hours on 22 December 2016 that it has scheduled a board meeting on 27 December 2016, to consider allotment of warrants.

Meanwhile, the company's shareholders at its extraordinary general meeting (EGM) held on Friday, 23 December 2016, approved issue of up to 1.45 crore warrants of Rs 80 each in one or more tranches to a promoter entity Oilmax Energy (1 crore warrants ) and a non-resident investor Balram Chainrai (45 lakh warrants). The warrants are convertible into equity shares at an issue price of Rs 80 per warrant, at any time within 18 months from the date of allotment of the warrants.

Asian Oilfield Services reported consolidated net loss of Rs 11.12 crore in Q2 September 2016 as against net profit of Rs 4.09 crore in Q2 September 2015. Net sales declined 94.7% to Rs 3.09 crore in Q2 September 2016 over Q2 September 2015.

Asian Oilfield Services is engaged in providing geophysical, drilling and well services to customers across the Indian sub-continent.