Sesa Goa tanks as Goa government suspends mining activities

The stock is trading near its lowest level since January 7, 2012

Sesa Goa has plunged 7% to Rs 158, its lowest level since January 7, 2012 after the Goa government ordered to shut all mining operations effective from today until further orders.

“A notification suspending all operations was issued by the state government following the indictment of former chief minister Digambar Kamat by the Shah commission, which inquired the illegal mining in the state,” the newspaper report suggests.

The state decided to review their working after the decision to implement the recommendations of the Shah Commission. The Shah commission has pointed out that the losses incurred by the state exchequer between 2006-11 were Rs 35,000 crore, added report.

The stock opened at Rs 160 and hit a high of Rs 163 on the NSE. A combined 1.34 million shares have changed hands on the counter in morning trades on both the exchanges.