Shares of MTAR Technologies faced significant selling pressure, dropping by 5% for the third consecutive trading day due to worries surrounding its major client, Bloom Energy. The stock hit the lower circuit limit at Rs 5,741.50 on the BSE.
Since reaching a peak of Rs 8,714.95 on June 19, 2026, the stock has tumbled by approximately 34%. MTAR Technologies has been trading in the Trade-to-Trade (T2T) segment since June 25, listed under the ‘T’ group on the BSE and ‘BE’ segment on the NSE, restricting intraday trading.
During the June 2026 quarter, domestic mutual funds decreased their stake in MTAR Technologies to 20.36% from 23.49% in the previous quarter. Conversely, foreign portfolio investors raised their holding from 17.31% to 24.79% over the same period.
The decline in MTAR Technologies’ stock price is linked to the sharp drop in Bloom Energy’s share value, its primary customer. Bloom Energy, based in the US, contributes over 55% of MTAR Technologies’ total revenue, significantly impacting the company’s financial performance.
In response to investor apprehensions, Managing Director Parvat Srinivas Reddy assured that there have been no notifications from Bloom Energy regarding order cancellations, deferments, or reductions. Reddy emphasized that there have been no discussions or negotiations with the customer that would necessitate regulatory disclosure about altering existing business commitments.
