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Sterlite Industries tumbles


The BSE Sensex ended 0.3 percent down on Monday snapping a six-day rally. Shares in metals maker Sterlite Industries dropped 3.5 percent to 719 rupees.

Sterlite Industries is already in the news after it proposed to raise its offer price for bankrupt U.S. copper miner Asarco to $2.565 billion.sterlite-ind

Shares in the company gained nearly 7 percent in September alone while in 2009 the share has gained over 150 percent, Thomson Reuters data showed.

Asarco, which owns three copper mines in Arizona, was acquired by Grupo Mexico in 1999. A U.S. bankruptcy court has recommended that Grupo Mexico be allowed to take control of Asarco.