Metal shares melt on Greece woes, Hindalco hits 2-yr low

Shares of metal companies are under pressure on the bourses after the LMEX, a gauge of six metals traded on the London Metal Exchange (LME), has closed at 3,338.90 its lowest level since January on Greece woes.

On the Bombay Stock Exchange, the metal index tanked 316 points or 3% at 9,957, compared to less than 2% fall in the benchmark index Sensex at 1337 hours.

“LMEX fell to a 4-month low, extending losses to a fourth consecutive session, as investors continued to shy away from risky assets with the Greek political malaise threatening to plunge Europe into a deeper financial mess,” the Reuters report suggests.

Among the individual stocks,Hindalco hit two-and-half year low, is down 4% at Rs 110 on the BSE. JSW Steel, SAIL, Tata Steel and NMDC too, are town by 4% each, followed by Jindal Steel and Power, Hindustan Zinc and Coal India are down 2-3%.