Hindalco, Nalco drop up to 10% on aluminium crash

NEW DELHI: Aluminium makers Nalco and Hindalco plunged up to 10 per cent today, in line with a steep fall in the metal prices overseas.

The prices dropped 8 per cent on Monday as news emerged that the US has extended the deadline for firms to wind up business with the sanctions-hit Russian producer Rusal.
The US move provides quite a big window for the market to seek alternative suppliers, Reuters quoted an analyst as saying.


Americans engaged with Rusal now have until October 23 to close out their business with the aluminum giant, the US Treasury Department said. Rusal accounted for more than 6 per cent of global aluminium output last year.
Shares of Hindalco Industries plummeted 9.48 per cent. Nalco plunged 10.07 per cent while Vedanta tanked 5.57 per cent.