Slowdown concerns drag Tata Steel, Hindalco; BSE Metal hits 15-month low

Global growth is projected to slowdown from an estimated 6.1% in 2021 to 3.6% in 2022. Given this, Tata Steel, Hindalco Industries, and Vedanta have shed up to 35 per cent in the past one month

Shares of metal companies reeled under severe pressure on Monday with the S&P BSE Metal index hitting a 15-month low amid demand slowdown concerns. Tata Steel, Hindalco Industries, Jindal Steel and Power (JSPL), NMDC and Vedanta have shed up to 35 per cent in the past one month, as compared to 5 per cent decline in the S&P BSE Sensex.

At 11:13 AM, the S&P BSE Metal index, the top sectoral loser among indices, was down 5 per cent as compared to 0.10 per cent rise in the benchmark Sensex index. The metal index hit an intra-day low of