 "Hindalco drops after Novelis reports loss in Q1")
Shares of Hindalco were down after its overseas subsidiary Novelis reported weak earnings during the first quarter ended June 30, 2015 while the devaluation of the yuan also dampened sentiment.
Novelis, the global leader in aluminium rolling and recycling, on Wednesday reported a net loss of $60 million during the first quarter of 2015-16.
Revenues during the quarter under review were marginally lower by 2% to $2.6 billion compared with $2.7 billion in the same quarter last fiscal.
The stock opened at Rs 102.85 and touched a low of Rs 97.60 on the BSE. At 11:15AM, over 5 million shares were traded on both the stock exchanges.
Novelis, the global leader in aluminium rolling and recycling, on Wednesday reported a net loss of $60 million during the first quarter of 2015-16.
Revenues during the quarter under review were marginally lower by 2% to $2.6 billion compared with $2.7 billion in the same quarter last fiscal.
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Meanwhile, the stock hit a fresh 52-week low of Rs 97.60 on the Bombay Stock Exchange on rising fears that exports would be hurt after China in a surprise move devalued the yuan by nearly 2%.
The stock opened at Rs 102.85 and touched a low of Rs 97.60 on the BSE. At 11:15AM, over 5 million shares were traded on both the stock exchanges.