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.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The data and figures presented are based on publicly available information and may be subject to change. Before making any investment decisions, it is recommended to conduct thorough research, consult with financial advisors, and consider your individual investment goals and risk tolerance. The author and publisher of this article do not assume any responsibility for any investment decisions made based on the information provided.

Mazagon Dock Shipbuilders, a renowned defence public-sector shipyard under the Ministry of Defence (MoD) in India, had a 7.5% increase in share price to an all-time high of ₹4,271.

As of 11:02 AM, the Mazagon Dock Shipbuilders shares were trading 6.45% at Rs 4227.00.

This increase came after the company disclosed through an exchange filing that the Department of Public Enterprises (DPE) had accepted the proposal to grant Mazagon Dock Shipbuilders Navratna status. This places the business as the 18th Navratna company among public sector enterprises.

In India, public sector enterprises (PSEs) are granted Navratna status based on criteria that include autonomy, operational efficiency and financial performance. To qualify, a company must first fulfil certain financial benchmarks and be a Miniratna Category I PSE, showing consistent profitability.

In 2006, the Department of Public Enterprises granted the company Miniratna Category I status.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The data and figures presented are based on publicly available information and may be subject to change. Before making any investment decisions, it is recommended to conduct thorough research, consult with financial advisors, and consider your individual investment goals and risk tolerance. The author and publisher of this article do not assume any responsibility for any investment decisions made based on the information provided.