Metal shares decline; Hindalco, Vedanta, Jindal Steel hit fresh 52-week lows

At 1137 hours, CNX Metal index was down 1.7% at 2,230, compared to 0.81% decline in the CNX Nifty.

Metal shares continued to reel under pressure, with most of the frontline stocks trading at fresh 52-week  lows, on a decline in commodity prices.

Vedanta (down 5% at Rs 161), Jindal Steel and Power ( 3.4% at Rs 81.65), NMDC (3% at Rs 114) and Hindalco Industries (2.5% at Rs 108) were down more than 2% each, trading at 52-week lows on the National Stock Exchange (NSE).

Tata Steel, Steel Authority of India, Tata Sponge & Iron and Bhushan Steel were down 1%-2% each.

At 1137 hours, the CNX Metal index was down 1.7% at 2,230, compared to a 0.81% decline in the CNX Nifty. Thus far in 2015, the metal index has dipped 16% against a 2% rise in the benchmark index.

Most commodity prices suffered declines on Monday, compounding worries about oversupply, after Greece rejected terms for a bailout and top consumer China unleashed emergency measures over the weekend to prevent a full-blown stock market crash, the Reuters report suggests. CLICK HERE TO READ FULL REPORT.