Aban Offshore: 24,000 Cr Giant Crashes, Share 5000 to 22; NCLAT Adjourns Case

• Aban Offshore, once a 24,000 crore offshore drilling giant, is now in insolvency proceedings, with its share price plummeting from 5,000 rupees to 22 rupees.
• The company's decline began with a 10,400 crore acquisition of Sinvest, incurring 6,400 crore debt, followed by the 2010 Aban Pearl rig accident causing 800-900 crore revenue loss.
• Further setbacks included a sharp drop in crude oil prices (2014-2016) and the 2020 COVID pandemic, which halted operations and exacerbated its 14,880 crore debt.
• The case is now before NCLT and NCLAT; the Chennai bench of NCLAT adjourned the hearing until March 27, 2026, for settlement talks between suspended MD Reji Abraham and Punjab National Bank.
• Despite its critical state, Aban Offshore's share saw a 15% surge in a week, reaching 22.30 on March 6, 2026, amidst ongoing legal proceedings.