Shares of Jindal Steel today fell to lowest in nearly 9 years on MSCI exclusion.

The shares fell as much as 9.2 per cent adding to Thursday’s 11.3 per cent slump.

This marks its lowest intraday level since November 2006.

MSCI has excluded stock from the MSCI India index.

Grim demand and yuan have dent deleveraging hopes on Indian metal companies.

Steelmakers are looking at price cuts after China’s yuan devaluation.