At around 3.11 pm, Nifty Metal was trading at 3,351.25 down 2.5%. The index has tumbled to an intraday low of 3,359.90.
Hindustan Zinc led the underperformers pack, diving by 4% despite the company reported 29.13% growth yoy in Dec-20 quarter consolidated revenues at Rs6,033cr. For the Dec-20 quarter, the consolidated operating profits were up 55.44% at Rs2630cr. This was on the back of higher sales revenues with costs in check.
Further, major stocks like NMDC, Tata Steel, Hindustan Copper, Coal India and SAIL dipped between 2-3%.
While Midhani, JSW Steel and MOIL plunged from 1-2%.
Nearly 1% drop each was seen in Ratnamani, JSPL and Hindalco.
On the other hand, NALCO surged by 5.5% emerging as top gainer followed by APL Apollo which contributed over 2% gain. Welspun Corp advanced marginally.