Metal stocks hit hard, Tata Steel tanks nearly 8%

New Delhi: Shares of metal firms were hit hard on Monday after US President Donald Trump’s tariff hikes and retaliation from China fanned fears that a full-blown trade war will impact economic growth across the globe.

The stock of National Aluminium Company Ltd tanked 8.18 per cent, Tata Steel slumped 7.73 per cent, JSW Steel tumbled 7.58 per cent, SAIL dropped 7.06 per cent, and Jindal Steel & Power Ltd lost 6.90 per cent on the BSE.

Shares of Vedanta dived 6.90 per cent, Jindal Stainless Ltd declined 6.36 per cent, Hindalco Industries went lower by 6.26 per cent, NMDC (5.75 per cent), Hindustan Zinc (4.89 per cent) and APL Apollo Tubes (4.77 per cent). The BSE metal index dropped 6.22 per cent to 26,680.16.

In Asian markets, Hong Kong’s Hang Seng index tanked more than 13 per cent, Tokyo’s Nikkei 225 plunged nearly 8 per cent, Shanghai SSE Composite index dropped over 7 per cent and South Korea’s Kospi sank over 5 per cent. US markets ended sharply lower on Friday.