NMDC tumbles after weak production, sales in March

NMDC declined 4.31% to Rs 76.55 after the iron ore miner reported weak production and offtake numbers.

NMDC's total iron ore production in March 2020 was 2.76 million tonnes as against 4.04 million tonnes in March 2019, recording a fall of 31.68%. On a sequential basis, NMDC reported 14.81% fall in iron ore production from 3.24 million tonne reported in February 2020.

Total iron ore sales declined 24.58% to 2.70 million tonnes in March 2020 as against 3.58 million tonnes in March 2019. On a sequential basis, total sales declined 7.22% in March 2020 as against February 2020.

NMDC has declined 16.25% in last one month as compared to a 31.58% fall in Nifty Metal index.

NMDC is India's single largest iron ore producer, presently producing about 35 million tonnes of iron ore from 3 fully mechanized mines, two located in Chhattisgarh and one in Karnataka.

As of 31 December 2019, the Government of India holds 72.28% stake in the mining company.

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