Defence stocks: Data Patterns, GRSE, Paras Defence, BEML, Mazagon Dock and BEL among others crashed up to 19% in Sunday's intra-day trade even as FM proposed 15% higher Budget spends for the sector.
Midhani is expected to benefit substantially from robust order prospects, new product developments with increasing indigenisation
Market experts attributed the weakness to a combination of valuation concerns, liquidity pressures and profit booking.
The Nifty Defence index has shed nearly 3 per cent in November, with stocks such as BEML, MIDHANI and HAL among others falling up to 17% despite 1% gain on the Nifty 50.
At 12:03 PM on Monday; NSE India Defence index was the top loser among sectoral indices, down 2 per cent, as compared to 0.08 per cent rise in the Nifty 50.
Mishra Dhatu Nigam share price rose after the company announced that it has secured an order worth ₹306 crore.