HAL extends decline after govt's 15% stake sale; stock tanks 26% in 4 days

Despite a 26% decline, the stock has outperformed the market by surging 60% in the past three months, against a 17% rise in the S&P BSE Sensex.

Shares of Hindustan Aeronautics (HAL) were under pressure for the fourth straight day, down 6 per cent to Rs 871 on the BSE in the intra-day trade on Tuesday after the government sold nearly 15 per cent stake in the aerospace and defence company through a public offering of shares (OFS).

The stock of the state-owned company has fallen 26 per cent in the past four trading days from the level of Rs 1,178 on August 26. It is trading below its floor price of Rs 1,001 per share fixed for OFS.

On Thursday, August 27, the government sold a