Shares of Mazagon Dock Shipbuilders Ltd., Garden Reach Shipbuilders & Engineers Ltd., and Bharat Forge Ltd. plummeted on Monday as defence sector stocks traded in the red amid the stock market's worst intraday crash in 10 months.
Garden Reach stock price fell as much as 14.13% intraday, while Mazagon Dock share price dipped around 13.4% to trade at Rs 2,200 apiece. The market capitalisation of Mazagon Dock fell Rs 9,000 crore.
Indian stock markets tanked on Monday, amid the ripple effects of a global meltdown that stretched from Japan to Australia. The slide came just as local benchmarks were finding some stability, only to be thrown off balance again by escalating trade tensions and renewed fears about the fallout from US tariff moves.
The impact of the tariff announcement was felt across global markets, with major indices in the US, Asia Pacific, and EMEA regions also experiencing sharp declines. The Nasdaq Composite, Nikkei 225, and Hang Seng were among the worst performers, reflecting the broad-based impact of the trade tensions.
Defence Shares Decline Amid Broader Sell-Off
Mazagon Dock Ltd. led the fall, declining 8.93%, while Garden Reach and Bharat Forge were also trading over 8% lower, as of 11:13 a.m.
Hindustan Aeronautics Ltd. was down 6.39%, followed by Mishra Dhatu Nigam Ltd., Cochin Shipyard Ltd. and Bharat Electronics Ltd., which fell 5.96%, 5.57% and 3.61%, respectively.
Nifty India Defence index was trading 5.52% lower, compared to the benchmark NSE Nifty 50's fall of 4.13%, as of 11:26 a.m.
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