In the stationary phase, the rate of bacterial growth and death is:
In batch culture, cell number increases exponentially until limitations impose plateau termed stationary phase. Analytical expression net growth rate equals birth rate minus death rate. Initially birth vastly exceeds death. As substrates deplete and metabolic acids acetate, reactive oxygen species accumulate, growth slows, death accelerates. At equilibrium point, average number of divisions per hour equals number of cells losing viability per hour, so dN over dt equals zero. Viable count plateaus, optical density may still increase slightly due to cell mass and inclusion bodies but colony form
Ref: Prescott's Microbiology, 11th ed., Chapter 7: Stationary phase - Growth equals death rate.