Bharat Dynamics shares tank 7% on profit booking after rising for 10 straight days

Shares of Bharat Dynamics dropped as much as 7.35% to an intraday low of ₹1,431.25 per piece on the NSE ending the gaining streak for 10 straight sessions.

The ammunition and missile systems manufacturer’s shares, however, recovered some losses to close 5.88% lower at ₹1,454 apiece on the NSE.

The state-owned company’s shares were on an upward movement for the past ten sessions, jumping almost 70% in the period and over 40% in the last one month.

So far this year, Bharat Dynamics’ shares have given returns of more than 69% and over 176% in the past one year. In the past three years, the stock has given returns of 775%.

Last month, the company announced that it would conduct a stock split, as per which it will sub-divide or split each of its existing equity shares having a face value of ₹10 each, into two equity shares having a face value of ₹5 each fully paid up.

This is also the first stock split by Bharat Dynamics. The record date for determining the shareholders eligible for the said stock split is fixed as May 24, 2024.

Further, the board of directors of Bharat Dynamics will conduct a meeting on Thursday, May 30, for the consideration and approval of audited financial results for the quarter and financial year ended on March 31, 2024.

For the financial year 2023-24, Bharat Dynamics recorded a turnover of ₹2,350 crore compared to ₹2,489.39 crore reported in the previous year. The reduction was mainly led by the current geopolitical situation prevailing in Europe and Middle East, which affected the company’s supply chain.

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