Panthera Resources' shares slide after court case delayed

Panthera Resources' shares plummeted on Tuesday after it confirmed that progress in its case regarding the rejection of a prospecting licence in Rajasthan, India has been delayed.

The case had been due to be heard at the Rajasthan High Court on Monday, but a writ petition filed by the gold exploration and development company did not reach the roster before the court session ended, leaving the matter to be rescheduled.

The AIM traded company had filed the writ petition after the rejection of a prospecting licence for its Bhukia joint venture, leading the High Court to issue a notice to the Rajasthan regional government and the government of India, as well as an additional order giving one last chance to file a reply by June 17, relisted for Monday this week.

However, no government reply has been received.

In the meantime, the stay order remains in place and protects the rights of the joint venture over the entire area of the prospecting licence application.

Panthera Resources' shares were down 24.28% at 10.45p at 1151 BST.