Metals under pressure; Tata Steel, Hindalco, SAIL, JSPL slip 5%

With today's decline, the S&P BSE Metal index has now corrected 10 per cent from its record high level of 20,429, touched on May 11, 2021

Shares of metal companies were under pressure at the bourses on Thursday, with the S&P BSE Metal and Nifty Metal indices falling 4 per cent in intra-day trade as most of the metals witnessed selling from recent highs.

Among individual stocks, Tata Steel, Steel Authority of India (SAIL), and Jindal Steel and Power (JSPL) slipped 5 per cent each, while Coal India, National Aluminium Company, NMDC, Vedanta, and JSW Steel from these indices were down 2 per cent to 4 per cent.

At 02:51 pm, Nifty Metal index was down 3 per cent and S&P BSE Metal index