Vedanta tumbles as global copper prices correct

Profit selling hits the counter

Vedanta Limited fell sharply today as profit selling hit the counter after its recent surge. Weakness in global metal prices also hurt the sentiments. Vedanta is trading at Rs 232.45, down 3.30% on BSE as on 14.50 IST. The stock had hit near three and half month high above Rs 240 earlier this week. However, sustained losses in global copper prices led to a correction in the counter today. COMEX Copper is currently down 0.30% at $2.77 per pound after tanking more than a percent in the last session.

Copper dropped following worries over demand from China. China's industrial profits increased at a slower pace in August, the National Bureau of Statistics reported Thursday. Industrial profits climbed 9.2% year-on-year in August, at a much weaker pace than the 16.2% increase seen in July. During the first eight months of year, industrial profits rose 16.2% compared to 17.1% growth logged during January to July period.

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