Defence cos shares slide amid FDI hike

  • PTI, Mumbai
  • Updated: Jul 10, 2014 12:42 IST
Defence-minister-AK-Antony-IAF-chief-NAK-Browne-and-other-officials-stepping-out-of-Globemaster-C-17-aircraft-at-Hindon-air-base-in-Ghaziabad-Sakib-Ali-Hindustan

Shares of defence equipment makers fell sharply by as much as 10% on Thursday amid finance minister Arun Jaitley raising foreign direct investment in the sector to 49%.

Bharat Electronics shares tanked 9.71%, while Astra Microwave Products was down 8.45% on the BSE.

Among others, BEML fell by 4.99%, Walchandnagar Industries (4.78%) and Dynamatic Technologies (2.3%).

FDI in defence sector raised to 49%, Jaitley said while presenting the Budget for 2014-15.

As per the current FDI policy, up to 26% FDI is permissible in the defence sector subject to licensing through government route.

Meanwhile, selling was also seen in the broader market with the BSE benchmark Sensex trading lower by 280.40 points to 25,164.41 during noon trade.

From Around the Web
Sponsored by Revcontent

also read

Over one lakh dog bite cases in Kerala in 2015: Panel
Show comments

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Chrome and Ad BlockPlus users

1.Press the ‘ABP’ icon in your toolbar at top right of this page

2. Click on ‘Enabled on this site’; this should now change to ‘Disabled on this site’


chrome



For Chrome and Ad Block users

1.Press the ‘AdBlock’ icon in your toolbar

2.Select the option ‘Don’t run on pages on this domain’ and then click ‘exclude’ on the pop up


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Mozilla and AdBlock Plus (ABP) users

1.Press the ‘ABP’ icon in your toolbar

2.Select the option ‘Disable on hindustantimes.com’


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Internet Explorer and AdBlock Plus users

1.Press the ‘AdBlock Plus’ icon in your status bar at the bottom of the screen

2.Select the option ‘Disable on hindustantimes.com’


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Safari and AdBlock users

1.Press the ‘AdBlock’ icon in your toolbar

2.Select the option ‘Don't run pages on this domain’ and then click 'exclude'


chrome