** Shares of Invictus Energy IVZ.AX fall as much as 68.9% to A$0.042 in early trade, hitting their lowest since early September 2020

** Stock logs largest intraday pct loss to date

** Oil and gas firm says subscription agreement with private entity Al Mansour Holdings for 19.9% stake in co for A$37.8 million ($26.13 million) has been terminated

** Says Al Mansour does not intend to satisfy its contractual obligations under the agreement, thus electing for its termination

** More than 62.2 million shares change hands, 26 times the 30-day average

** Stock rose 97.5% last year

($1 = 1.4463 Australian dollars)

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))