Deep Industries fell sharply over the last week on heavy volumes and is currently trending below its 200 day average, over fears that the company's contract with ONGC is in trouble. The company said it had received a showcause notice from ONGC regarding "allegations made in respect of ongoing contracts". Deep Industries said that it has sought various documents from ONGC based on which the allegations were made, and added that it was awaiting the response. 

Deep Industries also clarified that receiving notices in the contractual business is "very common", and said that it has received such notices in the past. It added that the current allegations were baseless and were working to clarify it with ONGC. The company has not shared any new updates on the dispute this week.