Metal shares under pressure; Tata Steel, Jindal Steel, SAIL hit 52-week low

Nifty Metal index, the largest loser among sectoral indices, was down 2.55 per cent at 2,871 points, trading at its lowest level since June 27, 2017, on the NSE.

Shares of metal companies were trading under pressure with most of the frontline firms like Tata Steel, Jindal Steel and Power (JSPL), Steel Authority of India (SAIL), Coal India and Hindustan Zinc hitting their respective 52-week lows as Chinese economic growth tanked to a three-decade low.

At 12:23 pm; Nifty Metal index, the largest loser among sectoral indices, was down 2.55 per cent at 2,871 points, as compared to 0.76 per cent decline in the Nifty 50 index. The metal index hit an intra-day low of 2,864, its lowest level since June 27, 2017 on the National Stock Exchange