look news india
New Delhi, 7 October (Hindustan Reporter). Due to the ongoing correction in the domestic stock market since last week, the shares of Public Sector Enterprises (PSE) have been significantly affected. The situation is that due to correction, many PSU stocks have fallen by 47 percent from the peak level. The government companies which suffered major decline include the names of Cochin Shipyard, Garden Reach Shipbuilders, IRCON, Bharat Dynamics, Indian Railway Finance Corporation (IRFC) and Mazagon Dock Shipbuilders.
Among the public sector companies (PSEs), the share of shipbuilding company Cochin Shipyard has fallen by 47 percent from its peak. In the month of July, the share of Cochin Shipyard had reached the level of Rs 2,979.45. Since then this stock kept falling. This stock was also greatly affected by the storm of decline that came last week. Today the share of Cochin Shipyard has come down to the level of Rs 1,571.50.
Similarly, shares of Garden Reach Shipbuilders have also fallen by more than 45 percent from the peak level. In the month of July, the shares of the company were at the level of Rs 2,833.80, but today these shares closed at the level of Rs 1,543. The shares of IRCON International, a public sector company working in the civil construction sector, have also fallen by 41 percent from the peak level. Shares of IRCON were at the level of Rs 351.60 on July 15 but today the shares of the company closed at the level of Rs 207.
Similarly, shares of aerospace and defense sector company Bharat Dynamics fell by more than 37 percent from its peak of Rs 1,794.70 to Rs 1,122.95 today. Apart from this, the share of Indian Railway Finance Corporation (IRFC) has also fallen by 37 percent, slipping from Rs 229 to Rs 144.44. Shares of RailTel, a PSU company providing Virtual Private Network (VPN) and broadband services, closed at Rs 396 today, down 36 per cent from its peak of Rs 617.80.
If we talk about power sector among PSU companies, then shares of companies like Power Finance Corporation (PFC), Rural Electrification Corporation (REC), National Hydroelectric Power Corporation (NHPC), Sutlej Jal Vidyut Nigam (SJVN) and BHEL are at their record high levels. 25 to 30 percent have been broken. In the power sector, Power Grid Corporation has also been a victim of decline, but its decline is still limited to the range of 10 percent. Apart from these, shares of defense sector companies like Hindustan Aeronautics Limited and Bharat Electronics, among other public sector companies, have also fallen by more than 20 percent from their peak levels.