India, June 24 -- The German stock market's benchmark DAX fell on Wednesday, hurt by a sell-off in defense stock Rheinmetall in particular. Concerns about rising spending in AI infrastructure and uncertainty surrounding an end to the US-Iran conflict amid mixed signals rendered the mood cautious.
The DAX was down 284.05 points or 1.14% at 24,652.98 at noon.
Rheinmetall tanked nearly 16% on reports Germany is reportedly planning to scrap a multi-billion-euro project to build the F126 frigates. The company was expected to become the lead contractor of the F126 frigate program in a deal worth as much as 12.8 billion euros.
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