MUMBAI: Shares of Pipavav Defence & Offshore Engineering saw heavy selling on Thursday, after rivals L&T and ABG Shipyard alleged "lack of transparency and arbitrary decision-making" in its naval joint venture with PSU Mazagon Dock.
The shares ended at 86.10 on the BSE, down 4% from the previous close, on a day when the Sensex closed up 1%. The shares lost 6% intra-day, with volumes higher than its two-week average. The rival shipyards have sent a letter to the defence ministry, declaring that the manner in which Mazagon Dock selected its JV partner was not transparent.
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