Defence shares fall up to 6% on muted Mazagon Dock, Paras Defence Q1 results, extend decline to 5th day

The shares of defence companies recorded significant decline on July 29, as muted quarterly earnings of select players dampened investor sentiment. The sharp fall in the share prices pushed the Nifty India Defence index down by half a percent to hover around 7,795, extending losses for the fifth session.

Paras Defence shares were the top loser on the index, dropping nearly 6 percent to trade at Rs 664 apiece. This comes a day after the stock dropped 10 percent to remain locked the lower circuit after releasing its results for the first quarter of the financial year 2026. The company's net profit rose marginally on-year, but fell nearly 25 percent sequentially to Rs 14.87 crore during the quarter under review.

Zen Technologies shares followed, dropping 5 percent to remain locked in the lower circuit at Rs 1,606 apiece. The company on July 27 had reported a 38 percent on-year drop in net profit to Rs 48 crore in the April-June quarter of financial year 2026.

Mazagon Dock Shipbuilders shares plunged nearly 3 percent. Earlier during the day, the defence heavyweight had fallen more than 5 percent. Mazagon Dock Shipbuilders on July 28 reported a net profit of Rs 452 crore for the first quarter of the financial year 2026, marking a decline of around 35 percent on-year.