Shares of Dixon Technologies Ltd. plummeted by almost 6% after touching a day’s high of Rs 11,452.50 on 23 July, after FM Nirmala Sitharaman announced a reduction in customs duty on mobile phones, PCBA, and chargers to 15%.

In the 2024-25 Union Budget, Finance Minister Nirmala Sitharaman recommended reducing BCD on mobile phones, mobile PCBs, and mobile chargers to 15%. As of the quarter ending June, Promoters maintained an 18.57% shareholding in Dixon. Other than that, Mutual Funds of India has invested an interest of 45.41% of the company’s equity with HDFC and Nippon, each about 5%. And finally, on this list is the Life Insurance Corporation of India, which owns a 2.74% stake in Dixon by market capitalisation.

Dixon shares have gained 70% so far in 2024 despite an 8% drop in the last month. It has had negative annual returns only twice since its listing: a 50% drop in 2018 and a 30% drop in 2022.

In 2019, the stock had climbed 84%; in 2020, it had risen by 254%; and in 2021, it had jumped around 104%.

Following the fall that occurred today, the company’s market capitalisation stood at Rs 64,869.92 crore.

At 1:08 PM, the shares of Dixon Technologies were trading 2.81% lower at Rs 11,036.40 on BSE.

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