Hindalco shares fall 8% after Novelis suspends key financial metric guidance

Shares of Hindalco Ltd., the Aditya Birla Group company, are the top losers on the Nifty 50 index on Thursday, November 7, after its unit Novelis, reported its quarterly results late Wednesday night.

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[{"selector":"#anim-dab91c73-304d-4c90-ac8b-f50c8c0e24bf","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-6f4643c4-7199-437a-9bac-85a37405d3bf","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-1ff578a5-4119-4641-921b-7089ffe440ae","keyframes":{"opacity":[0,1]},"delay":100,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] The management of Novelis expects headwinds to persist in the current as well as the March quarter due to increasing aluminium scrap prices.

[{"selector":"#anim-92d548e7-3541-42f8-b893-60a5a600ae50","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-8a0258b9-24b4-4a87-a677-57fa24938ebe","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-0918a5eb-3ce2-461d-bdc4-2b7143f88644","keyframes":{"opacity":[0,1]},"delay":100,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Shares of Hindalco are trading 8% lower at ₹651.45. The stock is down over 15% from its recent peak of ₹772. The recent fall has trimmed Hindalco's year-to-date gains down to 7%.