Shipping sector stocks fell sharply on September 12th witnessing up to 14 per cent intraday fall as investors booked profits after a sustained rally in these stocks. The top loser was Cochin Shipyard whose stock fell by over 14 per cent to the day's low of Rs 1,032.25. It was followed closely by Mazagon Dock Shipbuilders which plunged nearly 13 per cent at Rs 2,005.10 on the National Stock Exchange.
Meanwhile, Garden Reach Shipbuilders, Shipping Corporation of India (SCI) and Great Indian Shipping Company shares fell 6.27 per cent, 5.41 per cent and 0.95 percent, respectively.
Both Mazagon Dock and Cochin Shipyard shares have witnessed a strong rally in recent times and have given returns of 13 per cent and 20 per cent over the past 5 trading sessions.
Others like Great Indian Shipping Company, SCI and Garden Reach have given 6-3 per cent returns during this time.