Nifty Metal index slips 6%; Tata Steel, Vedanta, JSPL, NMDC fall up to 8%

Metal markets were roiled in selloff on concerns over Chinese steel production, global growth risks and the prospect of reduced US stimulus

Shares of metal companies came under pressure on Friday with the Nifty Metal index plunging 6 per cent in intra-day trade on Friday. Investors booked profits in the segment on concerns over Chinese steel production, faltering global growth, and the prospect of reduced US stimulus.

At 01:46 pm, Nifty Metal index, the top loser among sectoral indices, was down 4.8 per cent, after falling 5.6 per cent in the intra-day trade on the National Stock Exchange (NSE). In comparison, the benchmark Nifty50 index was down 0.72 per cent at 16,450 points.

Individually, Tata Steel, Vedanta, Jindal Steel &