Over 5 crore shares changed hands on the NSE around 1:30 pm. The stock fell for the third session in a row.
Metal stocks were knocked down as the Nifty Metal declined by 600 points or 5% on an intraday basis.
The next big losers were Hindustan Copper and Vedanta Limited which were down 5% and 4%, respectively around this time.
Others including Hindalco Industries, Steel Authority of India (SAIL), Hindustan Zinc, Adani Enterprises, Jindal Steel, NMDC, APL Apollo Tubes, Welspun Corp, Jindal Stainless and Lloyds Metals And Energy slipped between 2% and 4%.
Tata Steel shares have been on strong ground, with one-year returns standing at over 42%, a significant outperformance over Nifty and the BSE Sensex. Both benchmarks delivered returns of 10% and 8%, respectively in the same period.
Tata Steel shares are currently trading above their 50-day and 200-day simple moving averages (SMAs) of Rs 192 and Rs 172, respectively, according to Trendlyne data. Indian markets fell sharply today as concerns of inflation and global economic slowdown gather pace in the wake of the Iran-Israel war. The war is already in its fifth day and there are no signs of things settling down.
Both, Iran and the US have ruled out any negotiations for now.
Indian equity markets opened sharply lower on Wednesday, with the Sensex and Nifty tumbling around 2% each, extending their losses as the escalating Iran–Israel conflict involving the US, surging crude oil prices, heavy FII selling, and other global headwinds weighed on sentiment.
The Sensex tumbled 1,710 points to 78,529, its lowest level since April 17 last year. The Nifty 50 declined nearly 477 points to trade at 24,389, marking the first time in nearly seven months that the index has fallen below the 24,400 mark.
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