MTAR Technologies hits 3rd straight lower circuit, down 34 pc from record high
Mumbai, July 20
Shares of MTAR Technologies remained under heavy selling pressure on Monday, hitting the 5 per cent lower circuit for the third consecutive trading session as investor sentiment continued to weaken amid concerns over its key customer, Bloom Energy.
The stock was locked at its 5 per cent lower circuit limit of Rs 5,741.50 during intra-day trade on the BSE.
With the latest decline, the stock has fallen about 34 per cent from its record high of Rs 8,714.95 touched on June 19, 2026.
Since June 25, MTAR Technologies has been trading in the Trade-to-Trade (T2T) segment, classified under the 'T' group on the BSE and the 'BE' segment on the NSE. Stocks in this category are delivery-based and are not eligible for intraday trading.
Shareholding data for the June 2026 quarter showed domestic mutual funds reduced their stake in the company to 20.36 per cent from 23.49 per cent at the end of the March quarter.
In contrast, foreign portfolio investors increased their holding to 24.79 per cent from 17.31 per cent during the same period.
The stock has been under pressure following a sharp decline in the share price of Bloom Energy, MTAR Technologies' largest customer.
Bloom Energy's stock has fallen around 38 per cent over the past month. The US-based company contributes more than 55 per cent of MTAR Technologies' total revenue, making it a key driver of the company's financial performance.
Addressing investor concerns earlier this month, Managing Director Parvat Srinivas Reddy said the company has not received any communication from Bloom Energy regarding cancellation, deferment or reduction of orders.
Speaking to a news channel on June 12, Reddy said there were no negotiations or discussions with the customer concerning any changes to existing business commitments that would require a regulatory disclosure.
The management also maintained that the company's order book remains healthy and that none of its customers has indicated any reduction in committed business.
— IANS
Reader Comments
Honestly, the management's statement sounds reassuring, but the market is clearly not convinced. If Bloom Energy is down 38% in a month and MTAR is down 34% from its peak, it's a textbook example of how interconnected global markets are. We need to be more cautious with such high-beta stocks. 🤔
Another case of FII buying and DII selling creating confusion. Retail investors are caught in the crossfire. The T2T segment restriction makes it even harder to exit. For those holding from higher levels, this must be painful. Hope the management's optimism is justified, but markets don't lie with three straight circuits.
As someone who follows global clean energy trends, Bloom Energy's decline isn't surprising given the current macroeconomic headwinds in the US. But a 34% drop in a stock like MTAR, which has strong fundamentals and a growing order book, feels like an overreaction. Might be a good entry point for long-term investors. 👍
This is one of those moments where you realise how vulnerable Indian mid-cap stocks can be to global events. MTAR is a great company in the green hydrogen space, but concentration risk is real. The management should look at reducing customer dependence. For now, I'm staying away and watching from the sidelines. 👀
I respect the management's transparency in coming out and saying no order cancellations yet. But the market is forward-looking, and the fear of what might happen is driving this crash. For those who entered near the peak, it's a tough lesson in having a stop-loss. Patience will
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