Nifty Defence Drops Over 1.4%, Paras Defence, Garden Reach Lead Declines
Paras Defence saw the steepest decline, with its share price dropping by 7.84% to Rs 860.4.
Nifty Defence stocks declined by 1.46% during intraday trading on Monday, underperforming the Nifty 50, which gained 0.11% at market open. The drop was led by significant declines in Paras Defence Ltd., Garden Reach Shipbuilders Ltd., and Bharat Electronics Ltd.
Paras Defence saw the steepest decline, with its share price dropping by 7.84% to Rs 860.4. The company specialises in designing, developing, and manufacturing defence and space engineering products.
Garden Reach Shipbuilders & Engineers, a leading shipbuilding company, experienced a 2.77% drop in its share price, reaching Rs 2,891.5. The company is known for its expertise in constructing warships and auxiliary vessels for the Indian Navy.
Bharat Electronics, a state-owned aerospace and defence company, saw its share price fall by 2.67% to Rs 416.15. The company is known for manufacturing advanced electronic products for the defence forces.
Other notable declines in the Nifty Defence index included Astra Microwave Ltd. which fell by 2.23%; Bharat Dynamics Ltd. which fell by 2.56%; and Mazagon Dock Ltd. which also fell by 2.04%. Despite the overall drop in the defence sector, DCX Systems bucked the trend with a 1.88% increase in its share price.
Overall the market gave up opening gains as benchmark indices were trading 0.10% lower at 10:07 a.m. Nifty 50 opened to gain 0.11% on Monday but later gave up gains to trade 0.21% lower. Meanwhile, Sensex too opened 0.10% higher but later gave up gains to trade 0.20% lower at the 83,262 mark.
