Metal Stocks Plunge; Hindustan Zinc Down 12%

New Delhi, Jan 30 (PTI) Metal stocks faced heavy drubbing on Friday, with Hindustan Zinc tumbling over 12 per cent, amid profit-taking after the recent surge.

Shares of Hindustan Zinc tanked 12.12 per cent, Vedanta tumbled 10.89 per cent, National Aluminium Company dropped 10.32 per cent and Hindalco Industries declined by 6.12 per cent on the BSE.

The stock of Tata Steel lost 4.57 per cent, NMDC (4.19 per cent), SAIL (3.94 per cent), Lloyds Metals and Energy (2.85 per cent), Jindal Steel (2.12 per cent) and JSW Steel (1.97 per cent).


The BSE metal index tanked 5.12 per cent to end at 38,845.17.

"On the downside, Nifty Metal was the biggest loser, down 5.2 per cent, marking its sharpest intra-day decline in the past nine months as investors booked profits after gains over the previous three sessions," Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.

The 30-share BSE Sensex declined 296.59 points or 0.36 per cent to settle at 82,269.78. The 50-share NSE Nifty dropped 98.25 points or 0.39 per cent to end at 25,320.65.

Ajit Mishra – SVP, Research, Religare Broking Ltd, said, metals witnessed sharp profit-booking after the recent surge.