BEML shares drop 4% as PSU denies KGF report; key details
BEML shares fell Rs 185.25, or 4.02 per cent, to Rs 4,417.95 on BSE at 10:51 am.
- Jul 11, 2025,
- Updated Jul 11, 2025 11:51 AM IST
Shares of state-run BEML Ltd fell over 4 per cent in Friday's early trade after the PSU issued a clarification, denying media reports that suggested a major expansion of its defence manufacturing capabilities with new units at its Kolar Gold Fields (KGF) complex is underway.
BEML shares fell Rs 185.25, or 4.02 per cent, to Rs 4,417.95 on BSE at 10:51 am. The stock hit a low of Rs 4,416. earlier in the session, marking a 4.06 per cent decline from its previous close of Rs 4,603.20.
The sell-off comes after media reports claimed that the Defence Public Sector Undertaking had inaugurated three next-generation units dedicated to defence production at its historic KGF complex. However, in a clarification to the stock exchanges on Friday, BEML refuted these claims. "We would like to clarify that the referred news is not accurate and seems to be some kind of rumour," the company said.
BEML clarified that the event was a foundation stone laying ceremony for "major infrastructure development and expansion of facilities within the existing premises of the company at KGF and does not constitute a business expansion." The company further added that this activity falls under the ambit of normal business operations, and hence, no separate intimation was deemed necessary.
Today's low of Rs 4,416.00 for BEML is nearly 15.15 per cent off its 52-week high of Rs 5,205. The stock has been a performer, rising 51.6 per cent in the past three months.
The company emphasised its continued compliance with all applicable statutory and regulatory requirements. This declaration aims to reassure interested parties regarding BEML's governance standards and adherence to the strict guidelines that must be followed by a PSU, especially one that works in the vital defence industry.
Shares of state-run BEML Ltd fell over 4 per cent in Friday's early trade after the PSU issued a clarification, denying media reports that suggested a major expansion of its defence manufacturing capabilities with new units at its Kolar Gold Fields (KGF) complex is underway.
BEML shares fell Rs 185.25, or 4.02 per cent, to Rs 4,417.95 on BSE at 10:51 am. The stock hit a low of Rs 4,416. earlier in the session, marking a 4.06 per cent decline from its previous close of Rs 4,603.20.
The sell-off comes after media reports claimed that the Defence Public Sector Undertaking had inaugurated three next-generation units dedicated to defence production at its historic KGF complex. However, in a clarification to the stock exchanges on Friday, BEML refuted these claims. "We would like to clarify that the referred news is not accurate and seems to be some kind of rumour," the company said.
BEML clarified that the event was a foundation stone laying ceremony for "major infrastructure development and expansion of facilities within the existing premises of the company at KGF and does not constitute a business expansion." The company further added that this activity falls under the ambit of normal business operations, and hence, no separate intimation was deemed necessary.
Today's low of Rs 4,416.00 for BEML is nearly 15.15 per cent off its 52-week high of Rs 5,205. The stock has been a performer, rising 51.6 per cent in the past three months.
The company emphasised its continued compliance with all applicable statutory and regulatory requirements. This declaration aims to reassure interested parties regarding BEML's governance standards and adherence to the strict guidelines that must be followed by a PSU, especially one that works in the vital defence industry.