Precious Metals Crash Triggers Sharp Sell-Off in MCX, Hindustan Zinc, Vedanta, and Gold Financier Stocks on Budget Day

Shares of MCX (Multi Commodity Exchange),

c, nta, and gold loan companies like Muthoot Finance, Manappuram Finance, and IIFL Finance plunged by up to 15% in early trading on February 1, 2026 (a special Sunday session ahead of the Union Budget 2026 presentation), as precious metals gold and silver continued their historic meltdown. Early Trading Declines (around 9:35 AM IST) MCX shares crashed 15% to Rs 2,148.8, hitting lower circuit in some cases and marking its biggest single-day drop in six years. Hindustan Zinc (India's top silver producer) locked in 10% lower circuit at Rs 565.65, compounding losses from prior sessions. Vedanta (promoter of Hindustan Zinc) fell around 7% to Rs 635.35. Gold financiers: Muthoot Finance down ~6%, Manappuram Finance ~3.4%, IIFL Finance ~3.3%. This extends the rout from late January/Friday, where silver saw its worst single-day plunge on record (up to 27-30% in some contracts), and gold fell 9-12%.