The Nifty PSE index has dropped 10% from its highest point on August 1. Out of the 20 companies in the index, 10 have fallen over 10% during this time. Many public sector stocks are down between 30% and 50% from their peaks.
Cochin Shipyard’s shares peaked at ₹2,969 in July but have since dropped 48%. Garden Reach Shipbuilders reached a high of ₹2,833.8 in July, and its shares have fallen 46% since then.
IRCON International shares hit a record of ₹351 on July 15 but have declined by 43%, nearly falling below ₹200 on Monday. Bharat Dynamics shares peaked at ₹1,794 on July 5 and have corrected 42% since, although they’ve more than doubled in value over the past year, increasing by 115%.
IRFC shares reached a high of ₹229 on July 15 and have corrected 38% from that peak. At their highest, they were nearly ten times their IPO price of ₹26. Mazagon Dock Shipbuilders hit ₹5,860 earlier in July and has since corrected over 32%.
Most power PSU stocks like REC, PFC, SJVN, NHPC, and BHEL have seen corrections between 25% and 30% from their highs. The only stock that has corrected less than 19% is Power Grid, which has only dropped 10%.
Defence PSUs, including Hindustan Aeronautics and Bharat Electronics, have also fallen more than 21% from their peaks. Bharat Electronics, which recently joined the Nifty 50 index, hasn’t gained in value since becoming a part of the index last month.
