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JSW Steel hits 11-month low, Nifty Metal declines on demand concerns

Updated : January 22, 2019 03:52 PM IST

JSW Steel shares have fallen 10 percent in the last 30 days amid ongoing uncertainty over geopolitical and trade concerns.

The one year return on JSW Steel is mildly lower, while the stock has returned over 1300 percent in the last one decade.

Shares of JSW Steel plunged almost 3.5 percent to hit their nearly 11-month low of Rs 274.85 in trade on Tuesday. The stock has been losing for the last three days and has fallen more than 4 percent in the period.

The stock took a beating today after the International Monetary Fund (IMF) cut the global growth forecast for 2019, rekindling concerns over global demand for steel products.

The global agency lowered its growth forecast by 20 basis points with the global economy growth pegged at 3.5 percent in 2019. This is the second time the IMF has cut its forecast for global growth in four months.

One basis point is a hundredth of a percentage point.

JSW Steel shares have fallen 10 percent in the last 30 days amid ongoing uncertainty over geopolitical and trade concerns.

The large-cap steel stock has under-performed the broader market, which has risen over one percent during the same period.

The one year return on JSW Steel is mildly lower, while the stock has returned over 1300 percent in the last one decade.

JSW Steel was the top drag on the Nifty Metal along with Vedanta, Hindustan Zinc, Tata Steel, Sail and others falling between 0.09 percent and 4.16 percent.

The 15-share sectoral gauge declined by 2.15 percent, trading at 2,882.60 at 2.24 pm with only NMDC advancing by 0.33 percent.

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(With inputs from agencies)