NALCO and Hindalco are the top two losers on the BSE since opening bell. Nalco went down over 10% to Rs.76.35 and Hindalco slipped 9.5% to Rs.231.50.
The reason? Aluminium plunged amid U.S. hints it might relieve sanctions on Russia’s Rusal.
The US said that if Russian tycoon Oleg Deripaska cedes control of the company, it might relieve the sanctions. Deripaska is among seven Russian oligarchs sanctioned by the United States as part of a larger action targeting Moscow’s “malign activities” around the world.
It also extended the deadline for companies to wind down dealings with the Russian aluminum producer by almost five months.
Following this, aluminum plunged as fears of supply disruptions eased; prices fell by around 9.5%.
The fall was further aided by indications that the trade wars might dissipate and not blow into what the media made it to be.