Shares of copper, zinc, and aluminium companies plunged between 2.9 per cent and 4.3 per cent as metal prices slumped. Copper and zinc prices slumped to their weakest in about a year, while other metals sank after fresh US tariff threat.
Hindustan Zinc Ltd slumped up to 4.34 per cent, its biggest intraday percentage drop since June 26. Shares of Hindalco Industries Ltd slipped as much as 3.3 per cent to Rs 221.50, their biggest intraday percentage fall since July 2. Vedanta Ltd fell as much as 3.5 per cent, and National Aluminium Co Ltd shares declined up to 2.9 per cent.
Three-month copper on the London Metal Exchange dropped as much as 3.8 per cent to $6,092.50 a tonne, its lowest since July 25, 2017. On Shanghai Futures Exchange, most-traded copper fell as far as 47,800 yuan ($7,175) a tonne, weakest since June 23, 2017.
Nifty Metal index was down as much as 3 per cent. It posted its biggest intraday drop since July 2. About 2 million Hindustan Zinc shares change hands, compared with 30-day moving average of 1.9 million shares.
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