Vedanta share falls over 6% after court rejects plea to reopen copper smelter

Shares price of Vedanta Ltd fell over 6% intra day today after  Madras High  Court on Tuesday refused to allow the reopening of south Indian copper smelter, lawyers for Vedanta and the government said, more than two years after it was shut over pollution concerns.

Share price of Vedanta Ltd fell over 6.06% to Rs 120.2 against previous close of Rs 127.95 on BSE.

Vedanta share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has lost 12.3% in one year and fallen 17% since the beginning of this year.

In a month, the stock has gained 16%. Total 14.59 lakh shares changed hands amounting to turnover of Rs 18.42 crore on BSE. Later, the  share closed 1% lower at Rs 126.55 on BSE. In May 2018, police killed 13 people protesting against pollution from the smelter. A week after the bloodshed, the Tamil Nadu state government ordered the smelter shut citing pollution.

Madras High Court dismisses plea to reopen Vedanta's Thoothukudi Sterlite Copper plant

Vedanta has consistently denied accusations of pollution, and a lawyer for Vedanta said on Tuesday the company plans to challenge the Madras High Court judgment in the Supreme Court.

Meanwhile, benchmark indices closed higher for the second straight day on heavy buying in shares of heavyweights such as Reliance Industries, HDFC Bank and ICICI Bank. Sensex closed 477 points higher at 38,528 and Nifty gained 138.25 points or 1.23 per cent to end at 11,385.