Shares of eleven metal companies fell 3.05% to 7.84% on fears that the spreading coronavirus could cripple demand for industrial metals.
The Nifty Metal index slumped 6% to 2,265. The index is down 8.31% in three trading sessions.Tata Steel (down 7.84%), NMDC (down 7.08%), Jindal Steel & Power (down 6.65%), Steel Authority of India (down 6.46%), Vedanta (down 6.25%), JSW Steel (down 5.38%), Hindalco Industries (down 5.11%), National Aluminium Company (down 4.9%), Hindustan Zinc (down 4.66%), Tata Metaliks (down 3.29%) and Coal India (down 3.05%) slumped.
The fall is primarily driven by the coronavirus spreading from China to South Korea and other countries, which triggered selling of risk assets such as industrial metals.
Underlying metals consumption in China, northern Italy, Korea and a number of other regions is reportedly being impacted. China is the largest producer and consumer of industrial metals.
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