Shares of Mazagon Dock Shipbuilders Ltd., Garden Reach Shipbuilders & Engineers Ltd., and Bharat Forge Ltd. plummeted on Monday as defence sector stocks traded in the red amid the stock market's worst intraday crash in 10 months.
Indian stock markets tanked on Monday, amid the ripple effects of a global meltdown that stretched from Japan to Australia. The slide came just as local benchmarks were finding some stability, only to be thrown off balance again by escalating trade tensions and renewed fears about the fallout from US tariff moves.
Garden Reach stock price fell as much as 14.13% intraday, while Mazagon Dock share price dipped around 13.4% to trade at Rs 2,200 apiece.
Nifty India Defence index was trading 5.52% lower, compared to the benchmark NSE Nifty 50's fall of 4.13%, as of 11:26 a.m.