Bharat Dynamics shares crash 13% as Centre launches OFS to divest stake

Rs 900-crore share sale gets bids worth Rs 720 crore from institutional investors; retail portion to be auctioned on Wednesday

The Bharat Dynamics (BDL) stock crashed nearly 13 per cent on Tuesday after the centre launched a share sale to divest 15 per cent stake. The Rs 900-crore offer for sale (OFS) generated demand worth Rs 720 crore from institutional investors. Shares worth Rs 130 crore reserved for retail investors will be auctioned on Wednesday.

The base price for the share sale has been set at Rs 330 per share, a discount of 15 per cent to Monday’s close. The stock on Tuesday ended at Rs 331, down 13.9 per cent, or Rs 53.4, on the BSE.

Retail investors—those applying