Hindalco loses shine on net slump

The stock slipped further to a low of Rs 107 - down 12% from the previous close. The stock manged to recover from its low and finally ended down 10.5% at Rs 109. Over 2.48 million shares were traded on the BSE today. (Updated at 1057 hrs) Hindalco is trading at Rs 116 on the BSE, lower by Rs 5 or 4%. The stock had opened at Rs 119 and has touched a low of Rs 112 thus far. India’s largest aluminum producer's standalone net profit for the September quarter declined by 52 per cent to Rs 344 crore due to a drop in metal prices. Aluminum prices in the reporting quarter were, on an average, about 35 per cent lower on the London Metal Exchange (LME). The company had reported a net profit of Rs 720 crore in the corresponding quarter of the previous financial year.