Metal stocks breach lower circuit on the bourses
DSIJ Intelligence / 03 Aug 2017
During Thursday’s trade, metal stocks were taking a beating on the bourses. Jindal Steel and Power was the top loser and breached lower circuit of Rs 142.35.
During Thursday’s trade, metal stocks were taking a beating on the bourses. Jindal Steel and Power was the top loser and breached lower circuit of Rs 142.35. The stock witnessed a spurt in volume by more than 2.62 times. Coal India was contributing most to the index losses.
The S&P BSE Metal was trading at 12303.32 level, down by 202.86 points or 1.62% as at 1500 hours on Thursday.
The Supreme Court on Wednesday directed that 100% of the penalty amount be recovered from the companies which have illegally extracted iron and manganese ore from mines in Odisha with effect from 2000-01, which is likely to hit listed steel companies, such as Tata Steel, SAIL and Jindal Steel and Power, as reported by a national news agency.
At Rs 66.70 per share National Aluminium Co. was trading down by 4.17%, SAIL was down by 3.80% at Rs 60.75, Coal India was down by 3.38% at Rs 241.80, Hindalco Industries was down by 2.98% at Rs 221.30 per share. NMDC and Tata Steel were also trading in the red territory.
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