Nifty Metal index slips over 4%; Tata Steel, Hindalco, JSPL plunge over 5%

The index was quoting lower for the third straight trading day, falling 7 per cent during the period

Shares of metal companies came under heavy selling pressure on Monday with the Nifty Metal index slipping 4.5 per cent on the National Stock Exchange (NSE) in the intra-day trade. The index was quoting lower for the third straight trading day and has slipped 7 per cent during the period. Further, it has corrected 9 per cent from its record high level of 5,936.10, touched on August 16, 2021.

Among individual stocks, Tata Steel, Jindal Steel and Power, Hindalco Industries, National Aluminium Company, JSW Steel, Steel Authority of India (SAIL), Vedanta and NMDC dropped between 5 and 7 per