Hindalco Industries has plunged 8% to Rs 149 after Novelis, the US unit of the company cut its fiscal-year earnings estimate for the second time, citing lower shipments because of soft demand in Europe and weakness in its electronics business in Asia.

“As a result of market pressures and higher than expected destocking levels in several regions in the third quarter, the Company revised its adjusted EBITDA guidance down slightly to between $1.05-1.08 billion for fiscal 2012," the world's leading producer of aluminum rolled products said in a press release.

Meanwhile, Hindalco Industries is schedule to declare its unaudited financial results for the third quarter ended on December 31, 2011 (Q3) today.

According to analysts at Angel Broking, Hindalco’s net sales are expected to be flat at around Rs 5,909 crore, while net profit is likely grew 4% on year-on-year basis at Rs 480 crore in the December 2011 quarter.

A combined around one million shares have changed hands on the counter in morning deals on the NSE and BSE.