Why Hindustan Copper, Hind Zinc, Nalco, Vedanta, Tata Steel shares tumbled up to 17% today
Hindustan Copper shares plunged 17.43 per cent to hit a low of Rs 566.85. Hindustan Zinc Ltd and National Aluminium Company Ltd hit their respective 10 per cent lower circuit limits at Rs 566 and Rs 346.25, respectively.
- Feb 1, 2026,
- Updated Feb 1, 2026 10:09 AM IST
Shares of Hindustan Copper Ltd, Hindustan Zinc Ltd Vedanta Ltd, Hindalco ltd and Tata Steel Ltd fell up to 17 per cent in Sunday's trade, as commodities such as aluminum, copper, zinc and precious metals such as gold and silver saw a sharp fall, weighing on investor sentiment, ahead of Union Budget 2026.
Hindustan Copper shares plunged 17.43 per cent to hit a low of Rs 566.85. Hindustan Zinc Ltd and National Aluminium Company Ltd hit their respective 10 per cent lower circuit limits at Rs 566 and Rs 346.25, respectively. Vedanta also tanked 10 per cent to Rs 614.45. Hindalco Industries Ltd declined 5.36 per cent to Rs 910.50. Tata Steel Ltd was down 1.42 per cent at Rs 190.35.
MCX Copper futures plunged 8 per cent in early trade. Aluminium futures were down 8 per cent, while Zinc futures fell 4 per cent. Precious metals gold and silver also took a beating.
Aluminium stocks such as Hindalco Industries, Vedanta and National Aluminium Company Ltd were in focus amid expectations of an increase in basic customs duty across aluminium products to a uniform 15 per cent from the current 2.5-10 per cent. The stocks were also expected to react if there was any reduction in customs duty on calcined pet coke, raw pet coke, aluminium fluoride and caustic soda, as anticipated.
Steel stocks including Tata Steel, Jindal Steel, JSW Steel, Jindal Stainless and SAIL were in focus amid hopes of a reduction or removal of the 2.5 per cent basic customs duty on coking coal.
Anand Rathi Share and Stock Brokers said a new policy framework supporting Make in India was expected to reduce import reliance. The brokerage said this strategic shift was a major positive for Hindustan Copper, GMDC and Hindustan Zinc.
“High budgetary allocation for track modernisation and metro connectivity is expected, which is a major tailwind for SAIL and Jindal Steel. For metro projects and stainless-steel rolling stock, Jindal Stainless stands as a primary beneficiary, while indirectly benefiting input suppliers like IMFA and MOIL,” it said.
Separately, Antique Stock Broking said any reduction in the 2.5 per cent basic customs duty on coking coal may cut the cost of production for steel players such as Tata Steel, Jindal Steel, JSW Steel and SAIL. It added that removal of export duty on low-grade iron ores may help realisation of low-grade iron ore fines and may benefit NMDC.
Shares of Hindustan Copper Ltd, Hindustan Zinc Ltd Vedanta Ltd, Hindalco ltd and Tata Steel Ltd fell up to 17 per cent in Sunday's trade, as commodities such as aluminum, copper, zinc and precious metals such as gold and silver saw a sharp fall, weighing on investor sentiment, ahead of Union Budget 2026.
Hindustan Copper shares plunged 17.43 per cent to hit a low of Rs 566.85. Hindustan Zinc Ltd and National Aluminium Company Ltd hit their respective 10 per cent lower circuit limits at Rs 566 and Rs 346.25, respectively. Vedanta also tanked 10 per cent to Rs 614.45. Hindalco Industries Ltd declined 5.36 per cent to Rs 910.50. Tata Steel Ltd was down 1.42 per cent at Rs 190.35.
MCX Copper futures plunged 8 per cent in early trade. Aluminium futures were down 8 per cent, while Zinc futures fell 4 per cent. Precious metals gold and silver also took a beating.
Aluminium stocks such as Hindalco Industries, Vedanta and National Aluminium Company Ltd were in focus amid expectations of an increase in basic customs duty across aluminium products to a uniform 15 per cent from the current 2.5-10 per cent. The stocks were also expected to react if there was any reduction in customs duty on calcined pet coke, raw pet coke, aluminium fluoride and caustic soda, as anticipated.
Steel stocks including Tata Steel, Jindal Steel, JSW Steel, Jindal Stainless and SAIL were in focus amid hopes of a reduction or removal of the 2.5 per cent basic customs duty on coking coal.
Anand Rathi Share and Stock Brokers said a new policy framework supporting Make in India was expected to reduce import reliance. The brokerage said this strategic shift was a major positive for Hindustan Copper, GMDC and Hindustan Zinc.
“High budgetary allocation for track modernisation and metro connectivity is expected, which is a major tailwind for SAIL and Jindal Steel. For metro projects and stainless-steel rolling stock, Jindal Stainless stands as a primary beneficiary, while indirectly benefiting input suppliers like IMFA and MOIL,” it said.
Separately, Antique Stock Broking said any reduction in the 2.5 per cent basic customs duty on coking coal may cut the cost of production for steel players such as Tata Steel, Jindal Steel, JSW Steel and SAIL. It added that removal of export duty on low-grade iron ores may help realisation of low-grade iron ore fines and may benefit NMDC.