Abu Dhabi – Mubasher: Dana Gas' stock dropped on the Abu Dhabi Securities Exchange (ADX) on Sunday after the London High Court ruled against it in the well-known $700 million-sukuk case.

By 1:00 pm UAE time, the stock lost 4% to AED 0.69 after 28.29 million shares were traded, with a turnover of AED 16.51 million, which made up 37.4% of the market’s liquidity.

The company stated earlier that it would appeal against the UK’s court ruling, depicting it as “flawed”. 

Earlier on Sunday, an analyst told Mubasher that the stock was likely to break below AED 0.45 and AED 0.50 after London High Court ruled in favour of sukuk holders and against Dana Gas.