Shares of Hindalco Industries dropped by 8.08%, trading at ₹651.00, following an announcement by Novelis, its U.S.-based subsidiary, of an 18% decline in net income for the September quarter of FY 2024-25. This drop in share price resulted in a market cap loss of over ₹11,815 crore.
Novelis reported a decrease in net income to $128 million, down from $157 million in the same period last year. The earnings dip was primarily due to $61 million in charges related to production disruptions at Novelis’s Sierre plant, along with increased restructuring and impairment expenses. Despite these challenges, Novelis managed a 4.5% increase in net sales, reaching $4,295 million, driven by rising aluminum prices and a 1% growth in total flat-rolled product shipments.
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