Vedanta share price plunges 5% intraday, but ends flat as protests rage in Tamil Nadu over smelter
At least eleven people were killed in police firing during protests in Tamil Nadu demanding the closure of Vedanta groups Sterlite Copper plant over pollution concerns in Tuticorin.
Vedanta share price slipped nearly 5 per cent in Thursday’s trade as protests continued in Tamil Nadu to shut the company's copper smelter. The stock hit an intraday low of Rs 240.45, down 4.84 per cent on the BSE, but pared losses to settle just 1 per cent lower at Rs 250.40 on the BSE.
At least eleven people were killed in police firing during protests in Tamil Nadu demanding the closure of Vedanta group's Sterlite Copper plant over pollution concerns in Tuticorin.
As the struggle continued on the streets, Madras High Court ordered a halt, at least for a few months, to plans to double the size of the plant. The Vedanta Resources-run smelter is already one of the two biggest in the country.
The Madras High Court told authorities to hold a "mandatory" public hearing over Vedanta's application for environmental clearance and said a decision on environmental approval would be looked into by "appropriate authorities".
The protests have been going on for over three months, but violence first erupted on Tuesday with agitators fighting pitched battles with police, prompting it to open fire.
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The DMK and other opposition parties in Tamil Nadu have called for a dawn-to-dusk bandh tomorrow, condemning the police action against protesters in Tuticorin.
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