Defence cos shares slide amid FDI hike

Tags: Companies
Shares of defence equipment makers fell sharply by as much as 10 per cent today amid Finance Minister Arun Jaitley raising foreign direct investment in the sector to 49 per cent.

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

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

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

As per the current FDI policy, up to 26 per cent 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.

EDITORIAL OF THE DAY

  • Wealth inequality poses a bigger challenge for policy planners and economic governance

    Was garibi hatao call of Indira Gandhi ,made in the 1970s, a mere electioneering slogan?

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sandeep Bamzai

Cut & Thrust:The mother of all battles

Gassed out after the interminable interplay of the Yadavs in ...

Rajgopal Nidamboor

Of life’s essentiality and synchrony

It is no big deal to think of psychology as ...

Anil Dharker

No women, no Cry

EDM, as you would know if you are young, (and ...