Pipavav Defence may slip to Rs 55, says Vishal Malkan

Vishal Malkan of malkansview.com told CNBC-TV18, "Pipavav Defence and Offshore Engineering Company already had a good run up in the last three-four months from Rs 35 levels to around Rs 90.”

“After the news of Reliance taking over, it has given a dip kind of a correction which it can go down further to around Rs 55 where it is a good support and where it can take some support and another round of buying can come. Therefore, I would advice to hold on to the stock and add some more around Rs 55-60 levels,” he added.

At 15:19 hrs Pipavav Defence and Offshore Engineering Company was quoting at Rs 63.50, down Rs 5.35, or 7.77 percent.

Disclosure: Analyst doesn't have any positions in the above stock.