The Nifty Metal index dropped 1.4% on Friday after the government extended exemptions from mandatory quality control orders for select steel and stainless-steel grades—a move that could spur higher imports and exert pressure on domestic prices. Except for Adani Enterprises, all constituents of the index were trading lower in early deals, with Hindalco leading the decline.

Hindalco emerged as the biggest laggard on the Nifty 50 as well, sliding over 2% to ₹783.45. The stock was weighed down by a fire at Novelis’ aluminium plant in Oswego, New York, on November 21. Novelis, which contributes nearly 60% of Hindalco’s revenue, had already taken a $21 million hit in the July–September quarter due to a previous fire. The Oswego unit is a key supplier of aluminium for Ford’s F-150 pickup truck l

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