Metal index hits 52-week low; Tata Steel, JSPL dip over 5%

Hindustan Copper, Nalco, Hindalco, SAIL, Vedanta and NMDC from the Nifty Metal index were down in the range of 3% to 4% on the NSE.

Shares of metal companies were under pressure with the Nifty Metal (down 3.3% at 3,117) and the S&P BSE Metal index (3.3% at 11,828) hitting their respective 52-week lows after more than 5% decline in market price of Tata Steel and Jindal Steel and Power (JSPL).

The metal indices plunged 20% from their recent highs recorded on April 19, 2018.

Besides these two stocks, Hindustan Copper, National Aluminium Company (Nalco), Hindalco, Steel Authority of India (SAIL), Vedanta and NMDC, from the Nifty Metal index, were down in the range of 3% to 4%. In comparison, Nifty50 index was