Paras Defence, BEL, GRSE tumble up to 8% as profit booking drags defence stocks
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India’s defence stocks declined on Monday amid profit booking and subdued broader market sentiment, following a sustained rally that had positioned the sector among the market’s top performers in recent months. The Nifty India Defence index dropped 1.5%, signalling a potential pause in momentum. Paras Defence and Space Technologies led the slide, tumbling 8%. Garden Reach Shipbuilders & Engineers fell 2.7%, Bharat Electronics and Bharat Dynamics each declined 2.5%, while Zen Technologies and Astra Microwave Products lost 2.2% and 2.3%, respectively. Meanwhile, a handful of stocks managed to stay in the green. DCX Systems, Unimech Aerospace and Manufacturing, BEML, Cyient DLM, and Hindustan Aeronautics (HAL) were the only gainers in the Nifty India Defence index. The sell-off comes on the heels of a stellar six-month performance, with the defence index returning 34.82%, far outpacing the Nifty’s 5.49% gain. In comparison, sectors like ...