Sterlite Industries tanks 5% on bourses

Shares of Vedanta Group firm Sterlite Industries today plunged nearly 5%, wiping off nearly Rs 1,400 crore in investor wealth, as its copper smelter facility in Tamil Nadu was closed over pollution concerns.

Scrip of the company ended 4.37% lower at Rs 89.70 on the BSE. Intra-day, the stock tanked 5.38% to Rs 88.75. The scrip was the biggest loser among 30-Sensex bluechips.

At NSE, Sterlite Industries lost 4.64% to Rs 89.35.

The market value of the company fell by Rs 1,383 crore to Rs 30,145 crore.

Meanwhile, Sterlite Industries today said it will hold talks with Tamil Nadu Pollution Control Board (TNPCB) to restart operations at its copper facility at Tuticorin, which was closed as per Board's orders.

"We will engage with TNPCB to explain the factual position and are committed to cooperate fully with the authorities in this regard, in order to be able to restart operations," Sterlite said in a filing to the BSE.

The copper smelter facility in the state was closed as per orders from TNPCB, which had carried a preliminary inspection of the plant on March 23 following public complaints of emission.

"We provided to TNPCB all the technical details of the operations which confirms that all parameters and key readings of the particular period of March 23, were well within the permissible range," it said.