BEML hits 52-week low

The Ministry of Defence has slammed V. R. S. Natarajan, CMD for threatening to sue the former Army Chief, General (retired.) V. K. Singh

BEML is trading lower by 4% at Rs 392 on reports that the company’s truck assembly units at Bangalore, Mysore and Palakkad are operating below capacity after army orders dropped in 2011-12.

“The average yearly revenue of company from the trucks business has halved and come down to Rs 250 crore in 2011-12 from Rs 500 crore in 2010-11,” added report.

Meanwhile, according to media reports the Ministry of Defence has slammed V. R. S. Natarajan, chairman and managing director of the state-owned company for threatening to sue the former Army Chief, General (retired.) V. K. Singh.

The stock opened at Rs 404 and hit a 52-week low of Rs 385.50 on the National Stock Exchange. A combined 72,270 shares have changed hands on the counter in morning trades on both the exchanges.