Shares of Vedanta Aluminium, Aditya Birla-backed Hindalco and National Aluminium Company (NALCO) fell as much as 7% to their day’s lows on Friday after aluminium prices retreated from a seven-week high. Norwegian aluminium major Norsk Hydro ramped up production at its Brazilian refinery, Alunorte, following approval from Brazil’s oil, natural gas and biofuels regulator ANP to become a self-importer of gas.
Vedanta Aluminium shares fell 2% to a day’s low of Rs 442 on the BSE, while Hindalco declined 2.3% to Rs 1,022. State-owned NALCO was the worst hit, falling 7% to Rs 375 apiece. On the London Metal Exchange, benchmark aluminium fell 1.6% to settle at $3,285.50 a tonne.
