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The Government decision to ask coal mining companies to share 26 per cent of their profit with the locals continued to spook the metal sector on the NSE today with five of the top 10 losers turning out to be metal companies.
Housing major DLF, however, topped the list of losers to close at Rs 199.70, a loss of 8.77 per cent over its previous close of Rs 218.90. The continuous weakness in the market took a heavy toll on the stock today.
Jindal Steel, Hindalco, Tata Steel, SAIL and Sterlite were among the metal stocks that took a severe beating. While Jindal Steel closed at Rs 471 (-6.92 per cent), Hindalco shed 5.59 per cent to close at Rs 124.10, Tata Steel ended in the red at Rs 395.05 (-4.89 per cent), SAIL was down to Rs 100.70 (-4.69 per cent) and Sterlite closed at Rs 109.20 (-3.96 per cent).
All the counters witnessed very heavy volume of trading with Sterlite recording trading of 70 lakh shares and Hindalco was a close second with about 67 lakh shares being traded.
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