Great Eastern Energy Corporation Ltd. (LSE:GEEC) shares headed south on Monday after the company provided notice of its plans to delist from the London Stock Exchange (LSE).
In a statement, the Indian coal company said it had voluntarily decided to delist as the volume of trading on the LSE is “negligible” and does not justify the costs related to such listing and trading.
The cancellation will take effect on April 21.
Shares of Great Eastern were down over 48% in early morning trading at 7.00p.
Great Eastern is a fully integrated gas production, development, and exploration company in India.
The firm is producing gas from the Raniganj (South) block in West Bengal, which covers 210 square kilometres (sq km) with 10.62 TCF of original gas in place.
The company's second license is the Mannargudi block in Tamil Nadu, which covers 667 sq km with 0.98 TCF of original gas in place.