Shravan Shetty, Managing Director, Primus Partners, shared his view that defence stocks have underperformed in recent weeks, with the Nifty India Defence index declining 11 percent over the past month, even as the broader Nifty remained relatively flat. He said the recent correction in defence stocks has been driven by profit booking and foreign institutional investor outflows, along with the unwinding of the conflict premium that the sector had earlier priced in amid heightened geopolitical tensions