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Shares of metal companies were under pressure, falling by up to 13% on the bourses after LMEX, a gauge of six metals traded on the London Metal Exchange (LME), dipped 4% on Tuesday.
Among individual stocks, Vedanta has tanked 13% to Rs 149 on the National Stock Exchange (NSE) in intra-day trades. Hindalco Industries dipped 7% to Rs 99, followed by Steel Authority of India down 6% to Rs 59.70, Tata Steel and Tata Sponge was down by 4% each at Rs 285 and Rs 541 respectively.
At 1209 hours, the CNX Metal index was down 3.9% at 2,171, also its fresh 52-week low, compared to a 1.8% decline in the CNX Nifty.
On Tuesday, July 7, 2015, the LMEX had hit a 52-week low and closed down 4% at 2,455. The index has lost nearly 7% in the past three trading sessions from 2,630 on July 2.
Metal prices depend substantially on China’s economic activity as it accounts for 40%-50% of global aluminium, copper and zinc consumption.
Among individual stocks, Vedanta has tanked 13% to Rs 149 on the National Stock Exchange (NSE) in intra-day trades. Hindalco Industries dipped 7% to Rs 99, followed by Steel Authority of India down 6% to Rs 59.70, Tata Steel and Tata Sponge was down by 4% each at Rs 285 and Rs 541 respectively.
At 1209 hours, the CNX Metal index was down 3.9% at 2,171, also its fresh 52-week low, compared to a 1.8% decline in the CNX Nifty.
On Tuesday, July 7, 2015, the LMEX had hit a 52-week low and closed down 4% at 2,455. The index has lost nearly 7% in the past three trading sessions from 2,630 on July 2.
Metal prices depend substantially on China’s economic activity as it accounts for 40%-50% of global aluminium, copper and zinc consumption.
