India's metal stocks plunge as U.S. tariffs trigger global recession worries

India's metal stocks .NIFTYMET plunge 5.5% to hit a one-month low of 8,508.05; on course for the worst single-day percentage drop since June 2024

Stocks fall amid decline in base metal prices due to fear that U.S. President Donald Trump's tariffs may hit global growth

Hindalco HALC.NS, Tata Steel TISC.NS, Vedanta VDAN.NS, and National Aluminium Company NALU.NS slide 6%-7%, while JSW Steel JSTL.NS falls 4.3%

"The second-order effect (of U.S. tariffs) will hurt India more. We are now assuming a severe U.S. recession and a significant short-term correction in global commodities. Metals will be hit the most," says Emkay Global Financial Services

Metal index slips into losses YTD, down 1.6%, vs 3% drop in benchmark Nifty 50 .NSEI