HAL To Mazagon Dock: Defence Stocks Plunge; Nifty Defence Down Nearly 3%

The entire defence pack came under pressure in early trade on Friday, with all 16 constituents of the Nifty Defence index declined.

Garden Reach Shipbuilders & Engineers Ltd., DCX Systems Ltd., Ideaforge Technology Ltd., Cochin Shipyard Ltd. and Zen Technologies Ltd. were the top losers in the segment, each falling over 3%.

Heavyweights Hindustan Aeronautics Ltd., Bharat Electronics Ltd., Solar Industries (India) Ltd., Mazagon Dock Shipbuilders Ltd. and Bharat Dynamics Ltd. also slipped between 2% and 4%, as sentiment soured amid escalating border tensions. 

Stock Movement

Nifty Defence was down 2.91% to 6,630.9 and the benchmark Nifty 50 index was down 0.89% as of 10:25 a.m. The following stocks traded as such:

• HAL down 2.28% at Rs 4,202.1.

• Bharat Electronics down 2.68% at Rs 297.5.

• Solar Industries down 3.25% at Rs 12,812.

• Mazagon Dock down 4.34% at Rs 2,626.4.

• Bharat Dynamics down 2.83% at Rs 1,399.1.

• Garden Reach Shipbuilders down 5.52% at Rs 1,633.9.

• DCX Systems down 5.06% at Rs 275.

• Ideaforge down 4.21% at Rs 360.55.

• Cochin Shipyard down 3.92% at Rs 1,423.2.

• Zen Technologies down 3.55% at Rs 1,365.3.