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Shares of Hindustan Aeronautics breached 4-week low post the Government of India announced an offer for sale (OFS) at Rs 2,475. Despite hitting fresh historic peak of Rs 2,893 in early march this year, the stock has been performing well since the past few sessions.
The stock conquered earlier peak of Rs 2,792 recently, but failed to attract follow-on buying interest. This led the stock price action to slip under Rs 2,800, with sentiment following the OFS announcement; which offered floor price well below the historic peak, dampened the positive trend further.
While the counter is trading over the critical
