Adding to the downward pressure on Hindalco's shares was the disappointing performance of its largest subsidiary, Novelis, which reported a slip in net revenue. Despite a notable surge in net income, which soared over 10 times compared to the same period last year, Novelis witnessed a 6% decline in net revenue. This drop was attributed to lower aluminium prices and stagnant volumes during the third quarter of the current financial year. The repercussions of these developments were immediate, with Hindalco's shares witnessing a sharp decline, touching an intraday low of Rs 497.50. Analysts attribute this downward spiral to a combination of factors, including the unexpected increase in project costs and the subdued performance of Novelis. Over the short term, Hindalco's stock has experienced significant volatility, plummeting over 15% in the last five days and 13% in the last month.