Nifty Metal index slips 4%; SAIL, Tata Steel, Hindustan Copper dip up to 6%

An increase in coking coal prices would not augur well financially for steel companies' in India, ICICI Securities said in a note

Shares of metal companies were under pressure at the bourses on Monday with the Nifty Metal index plunging more than 4 per cent on media reports that China is considering allowing some stranded Australian coal cargoes amid ban on coal imports from Australia.

At 11:29 am, Nifty Metal index, the top loser among sectoral indices, was down 4.2 per cent, as compared to 0.93 per cent decline in the Nifty50 index. Steel Authority of India (SAIL) and Hindustan Copper slipped 6 per cent each, while Tata Steel, Jindal Steel and Power, Hindalco and JSW Steel were down in the