Vedanta slips on buzz SC to hear Tamil Nadu's appeal against NGT order

Vedanta fell 2.49% to Rs 188.30 at 15:29 IST on BSE on reports the Supreme Court agreed to hear Tamil Nadu's appeal against the NGT order to reopen the firm's copper plant at Tuticorin.

Meanwhile, the S&P BSE Sensex was down 391.77 points, or 1.09% to 35,499.75.

On the BSE, 11.98 lakh shares were traded in the counter so far compared with average daily volumes of 8.84 lakh shares in the past two weeks.

The stock had hit a high of Rs 195 in intraday. The stock had hit a low of Rs 187.65 during the day, which is also a 52-week low for the counter. The stock hit a 52-week high of Rs 355.70 on 29 January 2018.

According to reports, the Supreme Court on Thursday, 3 January 2019, agreed to hear on 8 January 2019 Tamil Nadu government's appeal against the National Green Tribunal (NGT) order to reopen Vedanta's Sterlite copper plant at Tuticorin. A bench of Chief Justice Ranjan Gogoi and Justice S K Kaul said the case will be heard next week, reports added.

The Tamil Nadu government on Wednesday, 2 January 2019, moved to the Supreme Court challenging NGT's order to reopen Vedanta's Sterlite copper plant in Thoothukudi. In its petition, the state government argued that the tribunal has no jurisdiction to hear the matter.

The green tribunal had last month set aside the state government's order to shut down the plant and described the All India Anna Dravida Munnetra Kazhagam-led government's order as "unjustifiable". It had directed the Tamil Nadu Pollution Control Board to issue a fresh order of renewal of consent for the smelter within three weeks. The state government had then said it would challenge the order in the Supreme Court.

However, the Madras High Court on 21 December 2018 had restrained Vedanta from reopening the plant after protests by activists and local groups. The Madurai branch of the High Court had said that the status quo would remain in effect until 21 January 2019.

Vedanta's consolidated net profit fell 34.82% to Rs 1900 crore on 5.16% rise in net sales to Rs 22705 crore in Q2 September 2018 over Q2 September 2017.

Vedanta is a diversified natural resources company.

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