Shares of Hindustan Zinc came under heavy selling pressure, tumbling more than 6% after silver prices witnessed a sharp selloff in global markets. The steep decline in silver, which has now extended losses by another 15%, triggered fresh volatility across the metals space and kept investor sentiment cautious towards mining and commodity-linked stocks.
Silver prices plunged as much as 14% to around $76 an ounce on Thursday, snapping a brief two-day rebound. The renewed fall indicates that selling pressure in precious metals remains intense, with the recent bounce failing to attract sustained buying interest. Market participants had been expecting dip buyers to step in at lower levels, but price action instead turned decisively negative, reinforcing bearish momentum.
The sharp correction in silver has had a direct spillover impact on metal producers, particularly companies with exposure to precious metals. Hindustan Zinc shares reacted sharply to the global cues, as investors reassessed near-term earnings visibility amid heightened commodity price volatility.
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