Nifty Metal index tanks 2.2%; Vedanta plunges over 7.5%

Welspun Corp, SAIL, Tata Steel, National Aluminium, and Jindal Steel were also under heavy pressure. Hindustan Zinc, Ratnamani limit losses.

November 18, 2021 1:10 IST | India Infoline News Service
Nifty Metal stocks found the market bears on Thursday amidst broad-based sell-off. The Index shed 2.2% with all the stocks in deep red. Vedanta Limited plunged over 7.5% amid corporate restructuring plans.  Welspun Corp, SAILTata Steel, National Aluminium and Jindal Steel were also under heavy pressure.

In comparison, Hindustan Zinc Limited which belongs to Vedanta Group limited losses to stay pretty on a gloomy Nifty Metal Index.

Domestic benchmark indices were trading weak on Thursday, a day of weekly F&O expiry. The markets have been engaged in broad-based selloff for the most part of this week amid weak global cues and relentless selling by FIIs in Indian markets.

Sensex was hovering around 59,500 while NSE Nifty 50 gave up 17,750. At around 1.10 pm, BSE Sensex was trading at 59,535.92 down 472.41 points or 0.79% and Nifty 50 at 17,742.80 down 155.85 points or 0.87%. Nifty Metal was trading at 5,445.35 down 122.75 points or 2.20%, touching a high of 5,603.05 and low of 5,408.00 during intraday trade on Thursday. 

Vedanta dragged 7.6% at Rs312.50 per piece. The Board of Directors of Vedanta at its meeting held on November 17, 2021 has decided that, considering the scale, nature, and potential opportunities for various business verticals of the Company, the Company should undertake a comprehensive review of the corporate structure and evaluate a full range of options and alternatives (including demerger(s), spin-off(s), strategic partnerships etc.) for unlocking value and simplification of corporate structure.
Subject to a detailed evaluation, it is the intention that the Aluminium, Iron & Steel, and Oil & Gas businesses would be housed in standalone listed entities. 

Welspun Corp shed over 2.8% at Rs159.90 per piece while SAIL was 2.7% lower at Rs110.60 per piece. Tata Steel down 2.33% at Rs1,191.60 per piece, National Aluminium down 2.1% at Rs96.70 per piece and Jindal Steel down 2.1% at Rs374.00 per piece also were trading over 2% lower. 

Hindustan Zinc was the only stock on Nifty Metal Index along with Ratnamani to limit losses to below 1% on Thursday afternoon.

Hindustan Zinc, a subsidiary of Vedanta, informed the exchanges about incorporation of wholly owned subsidiary company - Hindustan Zinc Alloys Private Limited. Reports on Thursday also suggested Supreme Court allows Centre to sell Hindustan Zinc stake.

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