MUMBAI (NewsRise) -- Hindalco Industries posted a 28% slump in first-quarter net profit, hurt by falling commodity prices amid a global economic downturn.
The weak results of Hindalco, controlled by billionaire Kumar Mangalam Birla, come in the backdrop of an escalating trade war between the U.S. and China that has damped industrial commodity prices and triggered fears of a global economic recession. The demand in Hindalco's domestic market has also been hit by tighter liquidity that squeezed private capital investment in Asia's third-largest economy.
