The MTAR Technologies Ltd shares hit a ten-month low of Rs 1,223.35, slipping 9 per cent on the Bombay Stock Exchange (BSE). Since August 2021, the aerospace and defence stock of the company has been quoted at its lowest level.
The stock has fallen 13 per cent in the past two trading days on margin concerns.
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In the past three months, it has underperformed the market by falling 30 per cent, compared to an 8 per cent decline in the S&P BSE Sensex. It has corrected 52 per cent from its 52-week high level of Rs 2,555.65 touched on January 3, 2022. It had hit a 52-week low of Rs 1,000 on June 20, 2021.
During the afternoon trade, the stock was trading 7.5 per cent lower at Rs 1,247 against a 0.06 per cent rise in the Sensex. The counter has seen huge trading volumes with a combined 1.55 million equity shares representing 5% of the company’s total equity, having changed hands on the NSE and BSE.
MTAR has seven strategically based manufacturing units, including an export-oriented team based in Hyderabad, Telangana. MTAR caters to civil nuclear power, space & defence and clean energy sectors.
