​Shares of NMDC slumped to 2 year lows

NMDC, India's top Iron Ore miner, slumped to fresh 2-year lows on news that the company's shares will exit the Nifty, the main index, from September 28.

NMDC, 80 percent owned by the government, has seen its stock price pummelled due to a global downturn in commodities and a sharp downdraft in ore prices.

NMDC fell 3.20 rupees, or 3.2 percent, to 96.65 rupees on the National Stock Exchange, where 8.20 lakh shares were traded in the first hour of trade compared with a 5-day average of 25.9 lakh shares

NMDC's market capitalisation has dropped 44 percent in one year to 39,608 crore rupees as investors avoided commoditized companies.

NMDC is now trading at a dividend yield of 8.56 percent and has a book value of 84 rupees.

Image credit: Indiatimes