Home / Business and Economy / Metal Stocks Plunge: Vedanta, Hindustan Zinc Lead Losses
Metal Stocks Plunge: Vedanta, Hindustan Zinc Lead Losses
30 Jan
Summary
- Nifty Metal index saw significant losses, with only two stocks gaining.
- Vedanta and Hindustan Zinc contributed over half of the total market cap loss.
- Copper prices fell from record highs due to technical issues and margin hikes.
On Friday's trading session, the Nifty Metal index witnessed a substantial downturn, with a mere two out of fifteen constituent stocks managing to close in positive territory. Vedanta Ltd. and its subsidiary Hindustan Zinc Ltd. were at the forefront of this decline, collectively responsible for over 56% of the ₹1.25 lakh crore market capitalization that was wiped out from the index. Vedanta's shares plummeted by 11.2%, its most significant single-day drop since June 2022, resulting in a loss of over ₹33,000 crore in market cap. Hindustan Zinc also experienced a steep 12.5% fall, the largest since January 2008, erasing ₹36,000 crore from its valuation. Despite this, Hindustan Zinc had recently become India's most valued metal stock, surpassing ₹3 lakh crore in market capitalization.
