Ideaforge, GRSE among other defence stocks slide up to 6% amid profit booking as Iran, Israel announce ceasefire
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After an impressive surge in the past few trading sessions, shares of defence companies like Garden Reach Shipbuilders & Engineers (GRSE) and Ideaforge, among others, tanked up to 6.4% on Tuesday on the back of profit booking after Iran and Israel war tensions eased. Both countries confirmed a truce following US President Donald Trump's announcement of a ceasefire.Garden Reach Shipbuilders & Engineers (GRSE) shares led the fall, touching an intraday low of Rs 3,270, down 6.4% from the previous close. Paras Defence and Space Technologies shares also saw a sharp dip, hitting Rs 1,654.45, a fall of 4.6%. Bharat Dynamics Ltd (BDL) shares dropped to Rs 1,856.80, marking a decline of 3.8%, while Cochin Shipyard shares slipped 2.8% to a low of Rs 2,167.70. The Ideaforge Technology stock touched Rs 617.05, down 2.3%, and the shares of Hindustan Aeronautics Ltd (HAL) fell 2.2% to Rs 4,912.10. Mazagon Dock Shipbuilders shares also edged lower by 2.2%, reaching Rs 3,267.80. Meanwhile, Bharat Electronics Ltd (BEL) stock was relatively resilient, with its day's low at Rs 417.10, reflecting a marginal decline of 0.9%. Defence stocks in India experienced some profit booking from elevated levels following an announcement by US President Donald Trump regarding a ceasefire between Israel and Iran, made in the early hours of Tuesday, June 24.Over the weekend, President Donald Trump authorised air strikes on three Iranian nuclear sites, sharply escalating regional tensions. In retaliation, Iranian state media reported a missile attack on a U.S. base in Qatar, mirroring the number of bombs dropped by the U.S. and signalling a "bomb-for-bomb" approach.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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