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Bharat Dynamics share slips over 13% as govt selling stake via OFS

Share price of Bharat Dynamics fell 13.5% to Rs 332.60 against previous close of Rs 384.50 on BSE.

twitter-logoBusinessToday.In | September 8, 2020 | Updated 11:02 IST
Bharat Dynamics share slips over 13% as govt selling stake via OFS
Bharat Dynamics stock has lost 16.52% in 3 days. It opened with a loss of 12.07% at Rs 338 today

Bharat Dynamics share slipped over 13% in early trade today after the  government said it would sell 15% stake in the defence company through an offer for sale on September 8 and September 9. Share price of Bharat Dynamics fell 13.5% to Rs 332.60 against previous close of Rs 384.50 on BSE. The stock has lost 16.52% in 3 days. It opened with a loss of 12.07% at  Rs 338 today.

The defence stock trades higher than 100 day and 200 day moving averages but lower than 5 day, 20 day and 50 day moving averages.  The mid cap stock has gained 21% in one year and risen 13.62% since the beginning of this year. In a month, the share has fallen 20.51%.

Market cap of the govt-owned firm fell to Rs 6,132 crore on BSE. Total 3.69 lakh shares changed hands amounting to turnover of Rs 12.43 crore.

The government which owns 87.75% stake in the defence firm is selling 2.71 crore shares.

The floor price of the OFS has been fixed at Rs 330 per share, a 14% discount to Monday's closing price of Rs 384.50.

The OFS includes 1.83 crore shares in a base offer and another 91 lakh shares in case of oversubscription. Retail investors can bid for the OFS on Wednesday.

15% of the shares are allotted as retail portion with a discount of Rs 20 over cut off price.

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