Pipavav shares fall 4% on JV woe

The Defence Ministry has put the JV on hold till the time government comes up with a new policy.

Shares of Pipavav Defence and Offshore Engineering Company today plunged by over 4 per cent after the government put on hold a joint venture between the private shipbuilder and state-run Mazagon Dock to build warships and submarines.

Ignoring the bullish trend in the market,the company shares made a weak opening and closed 4.42 per cent lower at Rs 77.80 on the BSE. Intra-day,the scrip fell by 5.28 per cent to a low of Rs 77.10.

On the NSE,the scrip closed 4.98 per cent down at Rs 77.20 a piece.

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The joint venture between the state-owned Mazagon Ltd and Pipavav Shipyard to build warships and submarines through public-private partnership mode was put on hold by the Government in the wake of complaints by some companies.

The Defence Ministry has put the JV on hold till the time government comes up with a new policy.

Meanwhile,the BSE benchmark Sensex closed 2.95 per cent higher at 16,524.03.

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