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Metal Stocks, Tata Motors Crash On China Fears
Shares in metal companies and Tata Motors, which are directly impacted by problems in China fell sharply after Chinese stocks crashed, raising worries over demand.
The largest market for Jaguar Land Rover owned by Tata Motors is China and the sudden collapse in markets there raised worries over demand in China.
Tata Motors was down a huge 6 per cent in trade. Metal stocks also melted as investors fretted over demand from China.
Vedanta was down 9 per cent, Hindalco was down 6 per cent and Tata Steel slumped 4 per cent. Both the stocks touched a new 52-week low on the National Stock Exchange.
Dealers say this maybe more of a sentimental impact more than anything else. They expect some short covering to happen that could lead to a bounce bank in these shares.
Read more on the Asian markets collapse here
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