Metal stocks plunge by 19% today: Here we decode why
What's the story
Shares of National Aluminium Company Limited (NALCO), Hindustan Copper, and Vedanta witnessed a major sell-off today. The fall comes after a sharp correction in gold, silver, and copper prices. Hindustan Copper's shares plummeted as much as 19% to ₹554.65 on BSE, while NALCO's shares fell by 11.6% to ₹340.20, and Vedanta's by 10% to ₹614.45, respectively.
Market impact
Nifty Metal index falls 5%
Hindalco Industries's shares also fell, declining by 10% to ₹866. The Nifty Metal index, which tracks the performance of metal stocks on the National Stock Exchange (NSE), crashed as much as 5% to 11,218.80. The sell-off in these stocks is mainly due to volatile global metal prices and a stronger US dollar triggering profit-taking after a recent rally.
Correction factors
Gold, silver futures crash on MCX
The sharp correction in precious metals like gold and silver has also contributed to the sell-off. Gold futures for April 2, 2026, were down ₹9,140 or 6% to ₹1,43,205 per 10g on the Multi Commodity Exchange (MCX). Silver futures for March 5 delivery fell by ₹17,515 or 6% to ₹2,74,410 per kg. The MCX is open today in a special session as the government presents Union Budget 2026.
Copper impact
Copper prices weaken on London Metal Exchange
Copper prices have also weakened on the London Metal Exchange, down 3.40% to $13,157 per metric ton. This decline is expected to affect copper-linked stocks such as Hindustan Copper whose performance is closely tied to copper price movements. The steep fall in precious metals comes amid profit booking after US President Donald Trump's nomination of Kevin Warsh as the next Federal Reserve chief.