New Delhi, July 18 -- Defence stocks, including Bharat Dynamics, HAL, Mazagon Dock Shipbuilders, Bharat Electronics, Garden Reach Shipbuilders, and others, continued to witness selling pressure for the third straight session on Friday, July 18. In fact, the downtrend has persisted since the beginning of July.

The steady decline in defence stocks appears to be a reaction to profit-booking by investors, following a strong rally over the past four months that pushed valuations to unsustainable levels.

Among today's worst performers was Bharat Dynamics, which declined by 4% to Rs.1,683 per share. This marks the seventh consecutive day of decline for the stock, leading to a 10% drop this week and a 20% decrease from its recent high.

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