India's Mazagon Dock slumps; market rout casts shadow over government stake sale

Mazagon Dock Shipbuilders

07/04/2025 09:49

** India's Mazagon Dock MAZG.NS slides 9.4% to 2,303.35 rupees, its worst one-day pct fall since February 3

** Indian government's stake sale in the company via a so-called offer for sale (OFS) opened on April 4 and closes Monday; retail investors can bid for shares on Monday

** Stock price falls below its OFS floor price of 2,525 rupees

** Stock fell 7% on April 4, a day after the stake sale was announced at an 8% discount to stock's closing price then

** Benchmark Nifty 50 .NSEI slumps ~4% as global markets reel from trade war tensions .BO

** "The global sell-off has created an added pressure for the OFS which was announced last week," says Prashant Tapse, VP Research at Mehta Equities

** Stock up 3.3% YTD

(Reporting by Kashish Tandon in Bengaluru)

((Kashish.tandon@thomsonreuters.com))