Bharat Dynamics extends decline; stock slips 18% in two days

If the retail portion is fully subscribed, the government's stake will fall below 75 per cent, making BDL compliant with the 25 per cent public shareholding norms.

Shares of Bharat Dynamics (BDL) slipped 5 per cent to Rs 315 on the BSE on Wednesday, falling 18 per cent in the past two trading days after the government on Tuesday launched a share sale to divest 15 per cent stake. The stock has fallen below the base price of Rs 330 per share set for the share sale.

“The Promoter proposes to sell up to 18.33 million equity shares of the Company on September 8, 2020, (for non-retail investors only) and on September 9, 2020 (for retail investors and for un-allotted non-retail Investors who choose to carry forward