Indian defence firms fall after federal budget miss

Garden Reach Shipbuilders & Engineers

01/02/2026 07:13

Updates

** Shares of Indian defence stocks reverse course after federal budget speech does not include significant announcements on sector

** Nifty India defence index .NIFTYINDDEFENCE falls 5.6%%

** Investors had expected higher defence spending from the government

** Paras Defence PRAF.NS and Garden Reach Shipbuilders GRSE.NS down 9.6% and 9.5%, respectively

** Mazagon Dock Shipbuilders MAZG.NS and Bharat Electronics BAJE.NS down 8% and 7.6%

 (Reporting by Kashish Tandon and Urvi Dugar in Bengaluru)

 ((Kashish.tandon@thomsonreuters.com))