Nifty Metal index tanks 6%; Jindal Steel, Tata Steel, Hindalco down over 7%

A prolonged Covid-19 outbreak would reduce demand for the metals while disruptions in the supply chains would impact the availability of the metals in the physical markets," ICRA said.

Shares of metal companies were under pressure with Nifty Metal index falling 6 per cent on the National Stock Exchange (NSE) on Tuesday on concerns of weak demand due to the Covid-19 outbreak.

Jindal Steel & Power (JSPL), Hindalco Industries, Tata Steel and MOIL were down more than 7 per cent, while Steel Authority of India (SAIL), Vedanta, JSW Steel, Hindustan Copper and National Aluminium Company (NALCO) were trading lower in the range of 5 per cent to 6 per cent on the NSE.

At 11:25 am, Nifty Metal index, the top loser among sectoral indices, was down