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Business News/ Markets / Stock Markets/  Bharat Dynamics shares fall 7%, snaps 10-day gaining streak; what led to the plunge?
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Bharat Dynamics shares fall 7%, snaps 10-day gaining streak; what led to the plunge?

Over the past 10 days, BDL stock has soared by nearly 70 per cent, and in the last six months, it has risen by 150 per cent.

Bharat Dynamics Premium
Bharat Dynamics

Shares of Bharat Dynamics Ltd. (BDL) dropped by up to 7 per cent on Tuesday, ending a 10-day winning streak on the stock market. Investors hurried to book profits, causing the stock to open at 1,542 and reach a day's low of 1,431.25.

BDL stock closed at 1,454 on May 28, against previous close at 1,544 per share on May 27. Over the past 10 days, the stock has soared by nearly 70 per cent, and in the last six months, it has risen by 150 per cent.

Bharat Dynamics recently announced a stock split, dividing one equity share with a face value of 10 into two equity shares with a face value of 5 each. This marks the company's first-ever stock split.

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The shares of Bharat Dynamics were first listed on the stock market in March 2018 with an IPO price of 428 per share. Since then, the stock has appreciated by 260 per cent over a little more than six years.

The recent decline led to Bharat Dynamics' market capitalisation standing at 53,000 crore.

Financially, Bharat Dynamics reported revenue of 2,350 crore for FY24, down from 2,489 crore in the same period last year, based on provisional figures.

The company attributed the reduced turnover in fiscal 2024 to ongoing geopolitical issues in Europe and the Middle East, impacting its supply chain.

As of April 1, 2024, Bharat Dynamics' order book was valued at 19,468 crore.

Also read: Multibagger textile stock: Nandan Denim share price zooms 17% as PAT spikes over 8000% in FY24; here's what analysts say

The government held a 74.93 per cent stake in Bharat Dynamics as of March 31, with 8.07% owned by retail individual shareholders, 7.93 per cent by mutual funds, 3.95 per cent by insurance companies, and 2.95 per cent by foreign portfolio investors, according to exchange data.

Bharat Dynamics specializes in manufacturing surface-to-air missiles (SAMs), anti-tank guided missiles (ATGMs), air-to-air missiles (AAMs), underwater weapons, launchers, countermeasures, and test equipment.

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Published: 28 May 2024, 05:50 PM IST
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