Bharat Heavy Electricals Ltd (BHEL) share price declined nearly 6% on Monday, extending losses for the third consecutive session. The PSU stock dropped as much as 5.97% to ₹258.30 apiece on the BSE.
BHEL share price has slumped 15% in three trading sessions. Trading volumes in BHEL shares spurred and were double than the monthly average. Around 2 crore equity shares of BHEL changed hands on stock exchanges on January 12 as compared to its one month average trading volume of 1 crore shares.
The fall in BHEL stock price came amid a broader sell-off on capital goods stocks amid media reports last week that the finance ministry was planning to scrap a five-year-old restriction on Chinese firms bidding for government contracts.
The report triggered fears of increased competition for capital goods companies and led to heavy selling of the shares in the sector.
Among other capital goods stocks, Hitachi Energy India share price dropped over 5%, Titagarh Rail Systems shares declined over 3%, ABB India stock price fell 2.2%, Inox Wind shares declined 2%, Siemens shares dipped 2.6%, Suzlon Energy shares fell 1.95%, and Larsen & Toubro stock price fell 1.57% on the BSE.
At 10:40 AM, BHEL share price was trading 4.48% lower at ₹262.40 apiece on the BSE.
