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After a strong rally in recent sessions, shares of Indian defence companies, including GRSE and Ideaforge, declined by as much as 6.4%
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Defence Stocks: After a strong rally in recent sessions, shares of Indian defence companies, including Garden Reach Shipbuilders & Engineers (GRSE) and Ideaforge, declined by as much as 6.4% on Tuesday amid profit booking, following the easing of geopolitical tensions between Iran and Israel. The sell-off came after both countries confirmed a ceasefire, announced by US President Donald Trump.
Leading the losses, GRSE shares dropped 6.4% to an intraday low of Rs 3,270. Paras Defence and Space Technologies also witnessed a steep fall, slipping 4.6% to Rs 1,654.45.
Bharat Dynamics Ltd (BDL) shares fell 3.8% to Rs 1,856.80, while Cochin Shipyard declined 2.8% to Rs 2,167.70. Ideaforge Technology shares were down 2.3%, hitting a low of ₹617.05. Shares of Hindustan Aeronautics Ltd (HAL) declined 2.2% to Rs 4,912.10.
Mazagon Dock Shipbuilders also slipped 2.2% to Rs 3,267.80. Meanwhile, Bharat Electronics Ltd (BEL) remained comparatively resilient, dipping just 0.9% to Rs 417.10 at its day’s low.
The correction in defence stocks followed a period of strong gains amid heightened tensions in the Middle East. However, with US President Trump’s early Tuesday announcement of a ceasefire between Israel and Iran, profit booking kicked in across the sector.
The ceasefire came after President Trump authorised airstrikes over the weekend on three major Iranian nuclear facilities, escalating conflict in the region. In response, Iranian state media reported a missile attack on a US base in Qatar, with a retaliation that matched the number of bombs dropped by the US—signalling a “bomb-for-bomb” stance.
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Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
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