Sesa Goa is trading lower by 3% at Rs 197, extending Friday’s 6% fall, after the company said it will have to stop mining in the Chitradurga district of Karnataka following Supreme Court's latest order. The annual permitted capacity of the said mine is 6 million tonnes.
“The order dated August 26, 2011 was passed by the Hon'ble Supreme Court in Writ Petition (Civil) No. 562 of 2009 banning mining activities in Chitradurga and Tumkur Districts of Karnataka. In view of this order, the mining activities in the company's mine in Chitradurga of Karnataka will have to be stopped with immediate effect and thus it will adversely affect to some extent the performance of the company," a Vedanta Group company said in a filing to the stock exchanges.
The stock opened at Rs 202 and hit a low of Rs 195 on the NSE. A combined 2.2 million shares have changed hands on the counter till 1020 hours.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app