Shares of metal companies were under pressure with the Nifty Metal (down 3.3% at 3,117) and the S&P BSE Metal index (3.3% at 11,828) hitting their respective 52-week lows after more than 5% decline in market price of Tata Steel and Jindal Steel and Power (JSPL).
The metal indices plunged 20% from their recent highs recorded on April 19, 2018.
Besides these two stocks, Hindustan Copper, National Aluminium Company (Nalco), Hindalco, Steel Authority of India (SAIL), Vedanta and NMDC, from the Nifty Metal index, were down in the range of 3% to 4%. In comparison, Nifty50 index was trading 0.21% lower at 10,985 points at 12:43 pm.
LMEX, a gauge of six metals traded on the London Metal Exchange (LME), was trading close to its one-year low. The index closed at 2965 on Tuesday, its lowest level since July 31, 2017. LMEX lost nearly 15.3% from its recent high of 3,500 recorded on June 7, 2018 on China growth concerns.
| COMPANY | LATEST | ONE-MONTH BEFORE | LOSS(%) |
| S A I L | 72.05 | 86.90 | -17.09 |
| JINDAL STEEL | 193.20 | 229.50 | -15.82 |
| NMDC | 95.55 | 112.35 | -14.95 |
| NATL. ALUMINIUM | 58.70 | 68.85 | -14.74 |
| VEDANTA | 205.45 | 232.30 | -11.56 |
| HIND.ZINC | 269.95 | 297.45 | -9.25 |
| TATA STEEL | 511.75 | 558.70 | -8.40 |
| HINDALCO INDS. | 214.00 | 231.20 | -7.44 |
| JSW STEEL | 306.15 | 327.55 | -6.53 |
| COAL INDIA | 263.00 | 274.60 | -4.22 |