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.