Mazagon Dock Share Sale Shakes Markets: Government's Strategic Divestment

Mazagon Dock Shipbuilders' shares dropped 7% after the government's announcement to sell a 4.83% stake in the company. The move caused a decline in both NSE and BSE indices. The stake sale is expected to bring in about Rs 5,000 crore for the government.

In a significant market reaction on Friday, shares of Mazagon Dock Shipbuilders fell by 7% following the government's decision to offload a 4.83% stake in the enterprise.

The announcement led to a notable decline in the company's valuation, impacting both the NSE and BSE indices. Specifically, shares dropped to Rs 2,548.70 on the NSE and Rs 2,550 on the BSE.

The planned sale, involving 1.14 crore equity shares and a greenshoe option of 80.67 lakh shares, is estimated to generate approximately Rs 5,000 crore, according to officials.

(With inputs from agencies.)