Metal stocks have slumped in the last two trading sessions as investors frantically sold shares, following weakish manufacturing data from the US and China.
Hindalco Industries fell to levels below Rs 100, a level not seen since August 2013. Tata Steel and Sesa Sterlite were the other metal stocks that dropped sharply in trade.
On Monday according to a Reuters report U.S. manufacturing grew at a substantially slower pace last month as new order growth plunged the most in 33 years, although some economists said extremely cold winter weather was partly responsible.
In China, manufacturing activity slowed to a six-month low. A slowdown in global manufacturing activity is likely to hit metal stocks first, which is why a host of metal stocks have reacted in the last few days.
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