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July 19 Shares of Hindalco slumped to a 1-year low as a media report said that it the company is raising debt for acquisition. The stock plunged as much as 8.4 per cent to Rs 194.5, lowest since July 10, 2017.
The report said that Hindalco and US unit Novelis are in the process of raising debt to acquire aluminium manufacturing company Aleris Corp.
Novelis could also be affected by uncertainty in the global supply chain due to US tariffs and ongoing alumina supply disruptions in the Atlantic region. Hindalco was not immediately available for comment.
More than 31 million shares changed hands vs 30-day average of around 8 million shares. Of 30 brokerages covering the stock, 29 rated “buy” or higher, one “sell”; their median price target is Rs 310.
Hindalco stock is the biggest percentage loser on the broader NSE index.
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