Metal stocks plunge as Supreme Court allows States to collect dues, levy tax

Metals and mining stocks slumped in Wednesday’s trade after the Supreme Court ruled that states can levy tax and royalty on minerals, apart from Central duties, and collect past dues. Stocks such as Tata Steel, NMDC and Vedanta fell sharply.

At 12.14 pm, Nifty metal declined by 1.15 per cent to trade at 8,854.50.

The major losers among Nifty metal stocks, as per NSE data, include Ratnamani Metals & Tubes (-3.76%), NMDC (-3.51%), Hindustan Copper (-3.24%), Tata Steel (-2.55%), Adani Enterprises (-1.43%), and Vedanta (-0.99%).

• Also read: Supreme Court: Parliament can’t limit States from taxing mines

Hindalco shares slipped by 0.23 per cent to trade at ₹620.

Meanwhile, Hindustan Zinc and Jindal Steel stocks traded positive by over 1 per cent as at 12.32 pm.