BHEL Shares Tumble After Making Major Gains Yesterday

The markets have declined signicantly, just in the past 2 days of trading in this week.

BHEL Shares Dip After Gains

Many shares are trading low with the larger markets. The public-owned Bharat Heavy Electricals Limited or BHEL, after a great day at the equity markets on Monday, has dipped in value on Tuesday, February 10.

The company shares rode high on the wave bagging a Letter of Intent or LOI for a BF800 High-voltage direct current (HVDC) project from Rajasthan government. In addition, it also bagged a deal for a project worth Rs 8,000 cr from the Maharashtra State Power Generation Company or Mahagenco.

The company shares excelled with gains of over 3.5 per cent on Monday.

However, the same could be repeated today.

Bhel Shares On Tuesday

The company shares started the day on an optimistic note. The company rang the bell with Rs 203.59, higher than the previous settlement of Rs 202.98 per share.

After hitting the high of Rs 203.90, the company shares have only seen a greater decline.

At the time of writing, the shares of the government-owned entity lost as much as 1.95 per cent or Rs 3.95 of its value. This took the overall of the company shares to Rs 199.03, once again pushing it behind the milestone mark of Rs 200 per share.

This is a far cry from the company's 52-week high of Rs 335.35 per share. In fact, the company shares are closer to the 52-week low mark of Rs 184.14 per share.

Stock Price In Past 5 Days

This decline appears to have depleted all the gains made yesterday. The company's progress in the past five trading sessions has resulted in a cumulative decline of 4.28 per cent or Rs 8.92 per share.

Bharat Heavy Electricals Limited (BHEL) is a Navaratna company of the Indian Government.