The share price of Mazagon Dock Shipbuilders fell more than 7% on Tuesday, continuing its downward trend for the third session. Mazagon Dock Shipbuilders’ stock has been down 12.75% in the last three trading sessions and the multibagger PSU defence stock has dropped more than 25% of its value since July 5th, when it reached its 52-week high of ₹5,859.95 a share.
Mazagon Dock’s shares fell 7.68% to ₹4,359.75 a share on the BSE on Tuesday. The brokerage company ICICI Securities believes that the defence PSU stock will see a significant 77% downside.
ICICI Securities feels Mazagon Dock Shipbuilders’ shares are overpriced at the current market price. ICICI Securities has a ‘Sell’ rating on Mazagon Dock Shipbuilders shares and set the target price to ₹1,165 per share, up from ₹900 before. The reduced target price represents a 77% decline from Friday’s closing price.
As of 11:14 am, Mazagon Dock Shipbuilders shares were trading 7.09% lower at Rs 4,390.00 on the NSE.
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