Steel shares decline on weak demand outlook; JSPL tanks 10%, SAIL falls 4%

In the past two months, JSPL's stock has plunged 56 per cent, as compared to 25 per cent decline in the Nifty 50 index

Shares of steel manufactures were under pressure on Wednesday and fell by up to 10 per cent on the National Stock Exchange (NSE) on concerns that the first quarter of the current financial year (Q1FY21) could be a record-low quarter in terms of sales and operating profit on the back of exceptionally weak demand.

Jindal Steel & Power (JSPL) shares were locked in 10 per cent lower circuit at Rs 74.30, its lowest level since January 10, 2017 on the NSE. In the past two months, the stock has plunged 56 per cent, as compared to 25 per cent