There is an important news for the investors of the multibagger defense stock Mazagon Dock Shipbuilders. Brokerage firm ICICI Securities has rung the alarm bells for the investors of this defense stock. The brokerage firm says that this multibagger stock, which has given tremendous earnings in the past, can now become a victim of a huge fall.
The price has fallen by 15% from its highest level
Mazagon Dock Shipbuilders’ stock has already started declining. On Friday, its price fell by 0.67 percent and the stock closed at Rs 4,965. This is more than 15 percent lower than the 52-week high of Mazagon Dock Shipbuilders. Mazagon Dock’s stock had made a 52-week high of Rs 5,860 in the past few days.
Prices started falling after the budget
In the last 5 days, the price of Mazagon Dock Shipbuilders’ shares has fallen by about 2.5 per cent, while on a one-month basis, the stock is trading at a loss of about 4.5 per cent. This multibagger defense stock was flying high before the budget, but after that it has been continuously incurring losses.
The rally was gaining momentum in this way
Before falling prey to the decline, Mazagon Dock Shipbuilders was being counted among the best multibagger stocks in the market. This stock started the year 2024 at a level of just Rs 2,289 and at one point in July it had reached Rs 5,860. That is, before falling, this stock had made its investors earn 156 percent in 2024. The stock is still in profit of 105 percent on the basis of 3 months, that is, it is a multibagger.
It is expected to fall to Rs 1,165
Now bad days may come for this stock. According to brokerage firm ICICI Securities, this multibagger defense stock may fall by about 77 percent in the coming days. The current price of the stock is Rs 4,965, while ICICI Securities has given it a target of only Rs 1,165. That is, ICICI Securities feels that this stock can fall to Rs 1,165, which is 76.53 percent down compared to the current level. The brokerage firm has also advised investors to sell this stock.
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