Mumbai, July 20 (SocialNews.XYZ) 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.
Source: IANS
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