Metal stocks across India continued their sharp decline for the second consecutive day, leading to a massive wipeout in market capitalization amid a global commodities slump. The top five losers on the Nifty Metal Index have collectively shed nearly ₹2 lakh crore over the past two trading sessions, with Hindustan Zinc and its parent company, Vedanta, at the forefront.
Hindustan Copper emerged as the biggest casualty on the index, plummeting over 15%, resulting in a loss of approximately ₹18,000 crore in market value at its lowest point. Hindustan Zinc, which had previously hit new highs last week, dropped another 10% on Sunday, eroding over ₹60,000 crore from its market cap during Friday and Sunday trading.
Vedanta’s shares also bore the brunt of the global sell-off, with the company losing ₹54,000 crore—nearly wiping out its ₹3 lakh crore valuation from last week. Similarly, NALCO’s stock declined by an additional 10%, translating into a loss of over ₹15,000 crore over the two days.
Hindalco Industries, another key Nifty 50 component, extended its losses after a 6% fall on Friday. The stock, which was attempting to recover from intraday lows, had also lost around ₹25,000 crore in market capitalization during this period.
Across the entire Nifty Metal Index, all constituent stocks are trading with losses, ranging from 1% to 4%, reflecting widespread investor caution amid the ongoing commodities rout.
