Ten metal and mining stocks dropped by 1.64% to 5.28% at 10:00 IST on BSE after weakness in industrial metal prices in the global commodities markets.
The S&P BSE Sensex dropped 835.40 points or 3.05% to settle 26,542.82.
Among metal and mining stocks, Bhushan Steel (down 2.83%), Jindal Steel & Power (down 1.7%), Vedanta (down 5.28%), Tata Steel (down 4.15%), NMDC (down 3.06%), Hindalco Industries (down 4.01%), Steel Authority of India (Sail) (down 5.23%), JSW Steel (down 4.69%), Hindustan Zinc (down 4.3%) and National Aluminium Company (down 1.64%) edged lower.
The BSE Metal index had underperformed the market over the past one month till 21 August 2015, sliding 16.36% compared with 2.9% fall in the Sensex. The index had also underperformed the market in past one quarter, dropping 25.08% as against Sensex's 1.59% decline.
The prospect of slackening demand from China, one of the world's largest consumer of industrial metals, has pushed industrial metal prices lower in the global commodities markets over the past few days.
Meanwhile copper, which is seen as a barometer of global demand, tumbled to 6-1/2-year lows today, 24 August 2015, as the anxiety over China sapped investor confidence.
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