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Bad day for metal stocks

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MARKETS-SOUTHASIA-STOCKS/
The BSE Metal index dropped 5.1 percent on Tuesday, the lowest among the sectoral indices.

The BSE Sensex also dropped to its lowest in more than three months as renewed fears over Europe’s debt woes triggered worries foreign portfolio investors will step up their withdrawals.

Leading the fall in the BSE Metal index were Bhushan Steel, which dropped 4.7 percent, Hindustan Zinc, which dropped 4.9 percent, and JSW Steel, which was down 5.7 percent.

Tata Steel and Sterlite Industries, which were among the top Sensex losers, fell over 4 percent.

Sterlite Industries tumbles

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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

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