Shares of Va Tech Wabag plunged 19.2%, reaching the day's low of Rs 1,522.30 on the BSE today, following the company's announcement on Tuesday that its Rs 2,700 crore order for a 300 MLD mega seawater desalination plant from Saudi Arabia had been canceled.“With reference to our above intimation dated September 06, 2024 relating to 300 MLD Mega Sea Water Desalination Plant Order in the Kingdom of Saudi Arabia, we hereby inform that the Customer has notified all tender participants on December 16, 2024, that the said tender stands cancelled pursuant to their internal administrative procedures,” said the company in an exchange filing.The company further stated that they are in touch with their client to understand and comprehend the reasons in detail.Earlier in the month of September, the company had announced the winning of this Rs 2,700 crore order from the Saudi Water Authority (SWA), which involved engineering procurement, construction and commissioning of a 300 million liter per day Mega Sea Water Reverse Osmosis Desalination Plant in Yanbu, Kingdom of Saudi Arabia.Also read: Mobikwik shares to debut today. Check GMP and analyst predictions“This EPCC contract includes the scope of design, engineering, supply, construction and commissioning of the 300 MLD Mega Desalination Plant which will be developed on a greenfield site located in the west coast of the KSA, south of the Red Sea-facing city Yanbu al-Bahr and is scheduled to be completed within a 30- month period,” the company filing had informed.The plant was intended to operate using dual media filters followed by a two-pass reverse osmosis process and re-mineralization to produce clean potable water, which was to be further distributed by the SWA.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)