HAL To Mazagon Dock: Defence Stocks Plunge; Nifty Defence Down Nearly 3%
Garden Reach Shipbuilders, Ideaforge Technology, Cochin Shipyard and Zen Technologies were the top losers, each falling over 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.
