After the crash of Indian jet Tejas at the Dubai Air Show, shares of government defense company Hindustan Aeronautics Limited also crashed on Friday. As soon as the stock market opened, the company suffered a valuation loss of more than Rs 26 thousand crores. According to BSE data, the company’s shares opened with a decline of about 8.50 percent. The special thing is that in the last 6 months, the company’s shares have seen a decline of more than 11 percent. Experts say that after the crash of Tejas, India’s defense exports may also suffer a setback. Due to this sentiment, there is a decline in the shares of HAL. Let us also tell you what kind of figures are being seen for the company’s shares in the stock market.
Big fall in company’s shares
There was a big fall in the shares of Hindustan Aeronautics Limited on Bombay Stock Exchange on Monday. According to the data, the company’s shares opened with a decline of 8.50 percent at Rs 4,205.25, which is the lower level of the day. Whereas on Friday the company’s shares closed at Rs 4,595. However, in the last 6 months, the company’s shares have seen a decline of more than 11 percent. In the last one week, the company’s shares have seen a decline of more than 8.35 percent. However, at 12 noon the company’s shares are seen trading at Rs 4,436.10 with a decline of about 3.50 per cent.
What are the experts saying?
Nilesh Jain, Principal Vice President, Equity Research, Technical and Derivatives at Centrum Broking, said in an ET report that yes, it could have a sentimental impact. This is like adding fuel to the fire, because the structure has already become negative with a selling trend on MACD and now some negative impact of this news will be seen. Anuj Gupta, Director of Wealth Global Research, further said that this week there has been a decline of 2.85 percent, although in the last two months it has declined by 3.20 percent. Overall, the trend of HAL looks stable. It is seeing strong support at the level of Rs 4,350 and resistance at the level of Rs 5,000. It is expected to rise within a limited range in the coming time. The trend of HAL is stable to upward, hence we are recommending ‘Buy’ in HAL at the support level.
loss of 26 thousand crores
The special thing is that due to this decline, there has been a decline of more than Rs 26 thousand crore in the valuation of the company. According to the data, the market cap of the company was seen at Rs 3,07,302.10 crore on Friday. Which came to Rs 2,81,236.60 crore as soon as the stock market opened. This means that Rs 26,065.5 crore was wiped out from the company’s market cap. Which can be considered a big decline.