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RBI Governor Shaktikanta Das
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RBI Governor Shaktikanta Das

BS Web Team New Delhi
Nifty Metal bleeds 7% after govt hikes export duty on steel products

Shares in Indian steel and iron ore groups including Tata Steel and JSW Steel slid on Monday at the steepest pace since early 2020 after the government imposed heavy export taxes on the sector, while carmakers rose on lower input costs.

India imposed an export tax of 15% on eight steel products late on Saturday at a time steelmakers are looking to make up for tepid local demand by increasing market share in Europe, whose supplies have been hit by Russia's invasion of Ukraine.

It also boosted export taxes on iron

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First Published: May 23 2022 | 5:57 PM IST

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