Here's Why Hindalco Industries Shares Plunged 14%

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Here's Why Hindalco Industries Shares Plunged 14%

Shares of Hindalco Industries Ltd. fell over 14% on Tuesday after its U.S. unit, Novelis Inc., upwardly revised the cost of its green field project, Bay Minette, to $4.1 billion.The stock plunged 14.78% to Rs 496.35 apiece so far on Tuesday.The revised project cost is 65% higher than the earlier estimate of $2.5 billion."When we initiated this project, our front-end engineering design was completed with a very low level of engineering, which und…