Hindustan Zinc, Vedanta to NALCO: Metal stocks crash following selling pressure in gold, silver, other metals

Metal stocks witnessed sharp selling pressure on Friday, January 30, tracking a steep correction in gold, silver and other base metals. Shares of Hindustan Zinc, Vedanta, Hindustan Copper, NALCO and other metal counters slipped significantly during the session as weakness in commodity prices dented sentiment across the sector.

Hindustan Zinc tanked 12.12% to end at ₹628.85 while Vedanta crashed as much as 11% to settle ₹682.70. Moreover. NALCO ended 10.3% at while ₹384.70 and Hindustan Copper settled 9.5% lower at ₹686.55.

The Nifty Metal index was also down over 5%, making it the top sectoral loser on NSE as against 0.4% fall in benchmark Nifty 50. Among other metal stocks, Hindalco also lost over 6%, NMDC was down 4%. Steel stocks including Tata Steel, JSPL, SAIL, etc. also shed between 2-5% in today's deals.

Gold, Silver rates today

The sell-off followed a sharp fall in precious metal prices. Silver prices crashed 15% on Friday as a stronger US dollar weighed on sentiment, even though the metal remained on track for a historic monthly performance. On MCX, Silver price shed ₹59,983 to hit its lower circuit of ₹3,39,910 after hitting a record high of ₹4,20,048/kg in the previous session (January 29). It is now down 19% or over ₹80,000 from its record high.

Gold prices also saw heavy selling, with MCX gold futures for February also tumbled 9% or ₹15,000 per 10 grams to ₹154,157 in the afternoon session. From all-time high levels, the yellow metal has crashed over ₹26,600 or 14.7%.

The dollar index climbed nearly 0.50% after US President Donald Trump and Democrats reached an agreement late Thursday to avoid a partial government shutdown. The US Federal Reserve’s decision to maintain a status quo on interest rates further supported the dollar, adding pressure on metal prices. President Donald Trump is likely to nominate Kevin Warsh as the next Chair of the US Federal Reserve, Bloomberg News reported.

Metal Stocks: Latest News

Vedanta Q3 Results

In the previous session, the metals-to-oil conglomerate Vedanta also reported a 60% year-on-year rise in consolidated net profit at ₹7,807 crore for Q3FY26, compared with ₹4,876 crore in the same quarter last year, aided by firm base metal prices. Revenue for the quarter rose 19% to ₹45,899 crore, driven by higher LME prices, improved volumes, better premiums and forex gains. The company’s revenue stood at ₹38,526 crore in Q3FY25.

"Achieved record-best quarter EBITDA of ₹15,171 crore, up 34% YoY supported by margin expansion by 629 bps to 41%," said the firm. Meanwhile, the company’s net debt stood at ₹60,624 crore, translating into a net debt-to-EBITDA ratio of 1.23x in Q3FY26, an improvement from 1.40x in Q3FY25.

Moreover, it also announced that the five entities emerging from Vedanta Ltd’s demerger could list on stock exchanges as early as May, with three of them inheriting the parent’s $6.7 billion debt, company executives said on Thursday. The Anil Agarwal-led group received approval from the National Company Law Tribunal in December. Management said the demerger will take effect from April 1, with listings targeted for May and no later than the end of June.

Hind Zinc OFS

Hindustan Zinc’s offer-for-sale (OFS), promoted by Vedanta, opened for retail investors on Thursday, January 29, after witnessing strong demand from non-retail participants. The non-retail portion, which opened on January 28, was subscribed 142.02%, signalling robust investor interest.

The OFS is priced at a floor price of ₹685 per share. Vedanta, which held a 6.18% stake in Hindustan Zinc as of December 31, 2025, plans to sell up to 3.35 crore shares, or 0.79% equity, under the base offer, with an additional 3.35 crore shares through a green-shoe option, taking the total OFS size to 1.6%. Meanwhile, Vedanta shares rose 4.45% to close at ₹737.10 in the previous session.