Ashapura Minechem announced that the company has received a notice from the New York federal court for legal proceedings initiated by a shipping company for an ad-hoc and frivolous claim of USD 27 million. The company has initiated an appropriate legal response and is confident of repudiating the same.

Ashapura Minechem manufactures, mines and processes industrial minerals like bentonite, bauxite, barites and value-added products like kaolin, bleaching clay, calcined bauxite and geosynthetic clay liners.

Shares of the company declined Rs 9.05, or 19.7%, to settle at Rs 37. The total volume of shares traded was 407,068 at the BSE (Wednesday).