Indian steel stocks fall after government moves to shield mills from gas crunch

Jindal Stainless

27/03/2026 07:10

** Shares of major Indian steelmakers drop between 1.5% and 3.6%

** India's steel ministry sought assistance from the oil ministry to ensure that steel plants are not affected by liquefied petroleum gas shortages, according to a Reuters report, citing a source with direct knowledge of the matter

** Gas shortages could lead to production halts at smaller steel mills, Reuters has reported

** Shares of JSW Steel JSTL.NS and Tata Steel TISC.NS down 1.5% and 1.7%, respectively, while Jindal Stainless JIST.NS slips 2.3%

** State-owned Steel Authority of India SAIL.NS drops 3.6%, and is biggest loser on 15-member Nifty Metal .NIFTYMET index

** Last week, JSTL unit JSW Steel Coated Products sought government intervention to secure supplies of liquefied natural gas and propane to prevent output disruptions

** Most major steel stocks rated "buy"; SAIL rated "hold" - data compiled by LSEG

** Top steel stocks down between 8% and 11% since Mideast conflict began

 (Reporting by Nandan Mandayam in Bengaluru)

 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))