Hindalco's stock price has fallen by over one-fifth since early July as metal stocks got hammered following the unfolding of Europe's debt crisis and the downgrade of America's sovereign credit rating. The drop appears to price in the bad news that has emerged so far. But if events worsen, more pain may be in store. Hindalco has another uncertainty to contend with. Domestic interest rates have been rising to bring inflation in check, which may affect economic growth. So far, there is no sign of either inflation falling in line, or economic growth slowing. Still, if the rate-hike prescription works, growth may slow, and so could demand for basic commodities such as the ones Hindalco produces.