The Nifty India Defense Index, which tracks the movement of shares of all big defense companies, had reached its record high in July this year. It has since fallen more than 25%. Except for Zen Technologies, all other shares of the index have fallen by 15% to 50% since July. The stocks that have seen this much correction include names like Cochin Shipyard, Garden Reach Shipbuilders, Bharat Dynamics. This fall in share prices is since July 11, when the defense index created a peak.
First of all, if we talk about shipbuilder Cochin Shipyard, its shares had created a fresh 52-week high of Rs 2,979.45 on Nifty in July this year. The stock has seen a decline of 51% since July 11. On Friday, October 25, the share price fell more than 3 per cent to close at Rs 1,374.95 on the NSE.
How much did Garden Reach Shipbuilders and Bharat Dynamics lose?
Shares of Garden Reach Shipbuilders have fallen 41% since July 11. On Friday, October 25, the share price fell nearly 5 per cent to close at Rs 1,509.20 on the NSE. Shares of aerospace and defense sector company Bharat Dynamics had hit a record high of ₹1,794.70 on NSE on July 5 this year. The stock has fallen nearly 40% since July 11. On Friday, October 25, the share price fell nearly 2 per cent to close at Rs 1,030 on the NSE.
What a blow to Paras defence.
Paras Defense & Space Technologies shares have seen a decline of 38 percent since July 11. On Friday, October 25, the stock fell 5 per cent to close at Rs 926.90 in the lower circuit on the NSE.
Similarly, some other stocks that saw big declines on the defense index were Data Patterns (down 36%), DCX Systems (down 34%), Mazagon Dock Shipbuilders (down 29%), IdeaForge (down 26%), Hindustan Aeronautics (down 24%). down), BEL (down 22%) and Astra Microwave Products (down 20%).
What is the status of Zen Technologies stock?
On the other hand, the share of Zen Technologies has strengthened by more than 28 percent since July 11 this year. On Friday, October 25, the stock closed 3 per cent lower at Rs 1,699 on the NSE. The stock created a new 52-week high of Rs 1,997.70 on October 15, 2024.
