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Metal stocks hit on weak trend in LME

MUMBAI: The markets remained under selling pressure for the second day with the Sensex dropping by over 238 points on Wednesday. Metal stocks came under severe pressure after reports of a weakening trend in London Metal Exchange. The sensex, which recorded a modest loss of 44 points on Tuesday, lost another 238.15 points, or 1.60 per cent, at 14662.61.

The sensex dipped to a low of 14609.83 and touched a high of 14866.32 points on alternate bouts of selling and buying. Metal index suffered a huge loss of 647.18 points at 11154 with Sterlite Industries nosediving by nearly 11.78 per cent at Rs. 507.90.

Brokers said investors seem to have rejected the company’s restructuring plan to increase its capital and lower earnings per share. — PTI

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