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Metal stocks are leading the sell-off for the second day in a row after a sharp fall in the global markets on Friday. The top five losers on the Nifty Metal Index, have lost close to ₹2 lakh crore in market capitalization over the last two trading sessions, led by Hindustan Zinc, and its parent company, Vedanta.
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Metal stocks are leading the sell-off for the second day in a row after a sharp fall in the global markets on Friday. The top five losers on the Nifty Metal Index, have lost close to ₹2 lakh crore in market capitalization over the last two trading sessions, led by Hindustan Zinc, and its parent company, Vedanta.
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Hindustan Copper is the biggest loser on the Nifty Metal index, currently trading with losses of over 15%. At the lows of the day, the stock has lost ₹18,000 crore in market capitalization.
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Hindustan Zinc is the top laggard in the last two sessions, declining another 10% on Sunday. Over Friday and Sunday, the stock has lost over ₹60,000 crore in market capitalization.
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Vedanta shares, having made new highs last week, have also borne the brunt of the incessant selling in commodity prices globally. The two-day fall has wiped out ₹54,000 crore of Vedanta's market value, which had nearly touched ₹3 lakh crore last week.
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NALCO shares are down another 10% on Sunday and the two-day fall has resulted in the stock losing over ₹15,000 crore in market capitalization.
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Hindalco is among the top Nifty 50 losers on Sunday, extending their losses after Friday's 6% fall. The stock is looking to recover from the lows of the day, but at the lows of the day, the Aditya Birla Group Company had also lost ₹25,000 crore in market capitalization.
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All constituents on the Nifty metal index are trading with losses with stocks other than the ones highlighted above, trading with losses of between 1% to 4%.
