Metals under pressure, Tata Steel, JSW Steel and Hindalco decline up to 3%

According to news reports, CLSA has cut FY20-21 earnings per share (EPS) estimates by 9-38 per cent factoring in lower commodity prices and stronger rupee.

Shares of Tata Steel, Hindalco and JSW Steel slipped in the morning trade on Wednesday after reports said foreign brokerage firm CLSA has downgraded the stocks saying deteriorating Chinese demand outlook will weigh on commodity prices. 

At 11:09 am, shares of Tata Steel were trading nearly two and a half per cent lower at Rs 503 apiece on BSE while those of JSW Steel were trading at Rs 294, down over 3 per cent. Hindalco, too, was trading over two and a half per cent lower at Rs 217 apiece on BSE. 

According to news reports, the brokerage firm