All Metal stocks are trading in red - Vedanta has plunged 8.9 percent at Rs. 144. Hindalco slipped almost 5 percent at Rs. 101.25.
SAIL has tumbled 6 percent at Rs. 59.40. Tata Steel has dropped 4 percent at Rs. 285.
Hindustan Zinc has shed over 2 percent at Rs. 157. NMDC has declined 2.7 percent at Rs. 112.
JSW Steel, Jindal Steel, Coal India and National Aluminium are the other prominent losers.
The BSE Metal is trading down 2% or 183 points at 9,008 as against the previous close of 9,141. The BSE Metal opened at 9,141 and hits a high of 9,140.78 and a low of 8,983. Since 1 June, LME (London Metal Exchange) aluminum has fallen 5.8%, LME Copper is down 11.4%, LME lead 10.6% while LME zinc 10.4%.
The Chinese markets were in free fall yesterday and today morning, as the Shanghai Composite index was down as much as 8%. This was the biggest drop since 2007. The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 4.4%. As per media reports, Shanghai Composite Index has now fallen 28 per cent since the peak on June 12. Hong Kong's Hang Seng Index slid below the 25,000 mark, while the Hang Seng China Enterprises Index shed 3.30%.