Meanwhile, the BSE Sensex was down 181.34 points or 1.04% to 17,192.50.

On BSE, 18,000 shares were traded in the counter as against average daily volume of 45,831 shares in the past one quarter.

The stock hit a high of Rs 30.90 and a low of Rs 29.15 so far during the day. The stock had hit a record low of Rs 16.20 on 19 December 2011. The stock had hit a record high of Rs 95 on 15 November 2011.

The stock had outperformed the market over the past one month till 20 April 2012, rising 12.84% compared with Sensex's 0.33% gain. The scrip had also outperformed the market over the past one quarter, surging 13.47% as against Sensex's 3.79% rise.

The company has an equity capital of Rs 205.23 crore. Face value per share is Rs 10.

The Essar Shipping stock had rallied 13.88% in two trading sessions from Rs 27 on 18 April 2012, after the company during trading hours on 19 April 2012 said it has received two contracts for land rigs, one in Brunei and one in India, with estimated revenue from these two contracts to be around $25 million.

Essar Shipping said it has received an order from New Sino Oil Company to drill five wells in Brunei. Essar Oilfield Services India (EOSIL), a wholly owned subsidiary of the company will execute the drilling of these wells. This contract, expected to last initially for about 9 months, includes the option of extending it to drill three additional wells in and around the same area, Essar Shipping said. The extension would bring the total duration of the drilling program to 15 months, the company said in a statement.

Essar Shipping won another contract for its Rig LR3, from B G Shirke, who will commence drilling operations in their first exploration venture in India during May 2012, the company said in a statement.

The two contracts are expected to generate total revenue in the region of $25 million over a period of about 15 months, Essar Shipping said in a statement.

On a consolidated basis, Essar Shipping's net profit rose 43.2% to Rs 48.65 crore on 9.7% growth in net sales to Rs 713.53 crore in Q3 December 2011 over Q3 December 2010.

Essar Shipping operates a diversified fleet of 27 vessels, including VLCCs, Capesizes, MiniCapes, Supramaxes, mini bulk carriers and tugs. The company's oilfields services business provides contract drilling services to oil and gas companies across the globe. The company's logistics business provides end-to-end logistics services, including international transportation.