Hindalco Falls as Aluminum Giant Alcoa Misses Estimates

Shares of Hindalco Industries slipped over 2 per cent to hit intraday low of Rs 137.05 after global aluminum giant Alcoa Inc's first quarter earnings missed expectations. 

Alcoa's earnings missed estimates. However, the commentary for auto continues to remain positive as it expects global aluminum demand growth to be 6.5 per cent.

The impact of Alcoa's earnings highlights revenue visibility for Hindalco's Novelis unit.

Reacting to the news, shares of Hindalco came under selling pressure. The stock closed 1.6 per cent higher at Rs 137.70.