Shares of Bharat Heavy Electricals Ltd today fell sharply by 9 per cent, wiping-off Rs 3,708 crore from its market value, amid investor concerns over the sluggish pace of new orders.
At the NSE, the scrip ended 9.02 per cent lower at Rs 172.40.After plunging nearly 9 per cent in intra-day trade, the scrip finally ended at Rs 173.75, down 8.02 per cent from its previous close on the BSE. Following the dip in the stock price, the market value of the company tanked by Rs 3,708 crore to Rs 42,527 crore. In terms of volume, 15.74 lakh shares of the company changed hands on the BSE, while over one crore shares were traded on the NSE. The stock was the top loser on both the key indices -Sensex and Nifty. "BHEL cracked down 9 per cent. The street has concerns over new order inflows especially in the light of coal constraints," said Nagji K Rita, Chairman & MD, Inventure Growth & Securities. The BSE 30-scrip index, Sensex, ended 21.44 points up at 20,149.85.