Defence firm Cochin Shipyard‘s price band has been revised by the exchanges, among other stocks.
What Happened: Cochin Shipyard's price band has been revised upwards from 5% earlier to 10%. This means that the share price of the company is capped and cannot fluctuate by more than 10% in a single day.
The price bands of listed securities are regularly adjusted by stock exchanges as part of their oversight to control excessive volatility. The BSE employs a circuit filter mechanism to limit the maximum price fluctuation of a stock within a single day. These price bands set the upper and lower boundaries for a stock’s price movements.
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The company's shares crashed on Monday amid a wider global market sell-off going down by 5% at one point. Most defence stocks were in the red on the day.
Earlier, in July, the stock had come under pressure as Finance Minister Nirmala Sitharaman made little mention of significant investments in the sector during her Budget 2024 speech.
Cochin Shipyard's shares have gone down by 13% in the past five trading sessions. Since last year, it has gained nearly 600%.
Price Action: Shares of the company were up 0.55% at ₹2,303.15.
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