Hindalco records sharpest intra-day fall in 11 months; stock slips 8%

The stock hit 52-week low of Rs 195, falling 8% in intra-day deal, its sharpest intra-day decline since August 11, 2017 on the BSE.

Hindalco Industries hit a 52-week low of Rs 195, falling 8% in intra-day deals, its sharpest intra-day decline in past 11 months. The fall comes after a media report suggested that the company is likely to acquire Aleris for $ 2.5 billion.

Earlier on August 11, 2017, the stock had slipped 8.2% during intra-day trades.

The company and its Canadian arm, Novelis, is in process of raising debt for the said deal, CNBC-TV18 reported quoting sources.

“I think that we have not comment at this stage. I think, we stick to our stated objective that Novelis has got a strong balance sheet. There we see very clear organic opportunities which I think they highlighted on their call yesterday and we are working on the organic opportunities and anything else, we will take it as it comes, so no comment on that,” Satish Pai, Managing Director of Hindalco said in November last year, during Q2FY18 earnings conference all.

Earlier, this year a Bloomberg report suggested that Hindalco Industries is among potential buyers that submitted bids for US aluminium producer Aleris. CLICK HERE TO READ FULL REPORT

At 03:17 pm; Hindalco was trading 6.5% lower at Rs 198 on the BSE against 0.07% decline in the S&P BSE Sensex. The trading volumes jumped over three-fold, with a combined 32.69 million equity shares changing hands on the BSE and NSE so far.