Metal stocks tumbled as Trump threatened 25% tariffs on steel and aluminum, dragging the Nifty Metal index down over 2%, with Tata Steel, Hindalco, and SAIL facing sharp declines.
Metal stocks tumbled on February 10 as Donald Trump threatened a 25% tariff on all steel and aluminum imports. The Nifty Metal index fell over 2%, making it the biggest sectoral loser of the day.
Tata Steel dropped 3.62% to ₹133.30, Investors fear the tariffs will increase export costs and squeeze margins for these companies.
Shares of Hindalco fell 2.63% to ₹591.40, Global concerns over excess metal supply and weak demand pressured the stocks.
Public sector metal stocks weren't spared either. SAIL declined 4.36% to 105.51, amid worries over global trade disruptions.
Jindal Steel slipped 2.62% to ₹822.40, while. Investors fear restricted access to the U.S. market could lead to lower profitability and revenue pressure.