Vedanta��s shares fell over 3.5 percent in the morning trade as investors remained cautious of tensions at Thoothukudi in Tamil Nadu, which houses its copper unit.
The stock has touched an intraday high of Rs 249.10 and an intraday low of Rs 241.50.
On Thursday, authorities cut the power to the smelter. The Pollution Control Board of Tamil Nadu said the smelter, which was shut pending renewal of its operating license, was found last week to be preparing to resume production without permission.
In fact, the Tamil Nadu government also said that it was seeking a permanent closure of a big copper smelter run by Vedanta Resources PLC after 13 people died in protests demanding the closure of the plant on environmental grounds.
"The government's position is very clear, it doesn't want the plant to run," said Sandeep Nanduri, the top official of the district where the plant is located, after a meeting with senior state government officials.
Other state officials confirmed the government's position.
In the past one month, the stock has fallen over 18 percent, while its three-day loss stood at 10 percent. At 10:52 hrs, Vedanta was quoting at Rs 243.80, down Rs 6.60, or 2.64 percent, on the BSE.
(With inputs from Reuters)
No comments:
Post a Comment