The multibagger stock of Bondada Engineering Ltd., which was trading in the red almost throughout the session on Monday, plunged nearly 5% after the company announced a Rs 390-crore order during the final hour of trading.
The order, awarded by the Maharashtra State Power Generation Co. or MAHAGENCO, involves designing, engineering, manufacturing and commissioning of crystalline solar PV technology grid across various districts of Maharashtra, according to an exchange filing. The letter of award has been issued, it said.
As part of the contract, the company would also require to offer five years of operation and maintenance services, the filing added.
The order win comes three days after the firm had notified the exchanges that it bagged two engineering, procurement and construction contracts, cumulatively worth Rs 1,132.25 crore, from MAHAGENCO.
The order wins announced on Friday had pushed Bondada Engineering's stock by around 5% on the BSE — the only exchange where it is traded. However, the stock reversed the gains and traded in the red on Monday.
Bondada Engineering shares reversed the gains logged on Friday
Shares of Bondada Engineering plunged to a low of Rs 582.25 apiece on the BSE at 3:04 p.m., down 4.99% as against the last closing price. The stock settled 4.95% lower at the closing bell, compared to a 0.73% rise in the benchmark BSE Sensex.
The company's stock is seen as one of the top multibaggers, rising by 632.8% on a year-to-date basis and by 1,063.1% over the past 12 months. The stock's total traded volume in the day stood at 1.78 times its 30-day average. The relative strength index stood at 51.02.
Notably, Bondada Engineering's market capitalisation stands at Rs 6,288.9 crore, as per the data available with the BSE. Around 63% stake in the company is held by its promoters, whereas the public shareholders own over 36%.
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