Tata Motors, Hindalco, Vedanta, Gail, NMDC hit 52-week lows
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Shares of Tata Motors, Hindalco Industries, Vedanta, Gail India and NMDC have touched their respective 52-week lows after China allowed the yuan to fall sharply for a second straight day.
Hindalco Industries (Rs 98.05), Vedanta (Rs 119), Hindustan Zinc (Rs 148) and NMDC (Rs 99) from the metal pack hit 52-week lows on the BSE.
The London Metal Exchange Index (LMEX), consisting of six base metals, has dipped by 3.1% to 2,377 on Tuesday, its lowest level since August 2009.
Tata Motors has slipped 4.3% at Rs 354, also its 52-week low on the BSE. The stock has fallen 10% from Rs 393 in the past three trading sessions, after the company reported a near halving of its net profit at Rs 2,769 crore for the quarter ended June 2015, hit by a massive 50% fall in Jaguar Land Rover (JLR) profit due to a sales plunge in China.
On Tuesday, August 10, the People's Bank of China cut its daily reference rate for the currency by a record 1.9%, the biggest loss since January 1994.
The move raised concerns about the Chinese economy as well as the possibility that it could start a currency war, broking firm Angel Broking said in a client note.
At 10:11 AM, the S&P BSE Sensex was down 0.56% or 155 points at 27,711, correcting 525 points in this week.
Coromandel International, GMDC, IL&FS Transportation Networks, Metalyst Forgings and Vijaya Bank are among other stocks from the BSE500 index to touch 52-week lows in intra-day trades today.
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