Vedanta tumbles on buzz Tamil Nadu moves SC against NGT order

Vedanta fell 4.38% to Rs 193.30 at 14:31 IST on BSE after Tamil Nadu government reportedly moved Supreme Court for closure of the company's copper plant in Thoothukudi.

Meanwhile, the S&P BSE Sensex was down 422.83 points, or 1.17% to 35,831.74.

On the BSE, 10.64 lakh shares were traded in the counter so far compared with average daily volumes of 8.08 lakh shares in the past two weeks. The stock had hit a high of Rs 201 and a low of Rs 193.05 so far during the day. The stock hit a 52-week high of Rs 355.70 on 29 January 2018. The stock hit a 52-week low of Rs 190.05 on 11 December 2018.

According to media reports, the Tamil Nadu government on Wednesday, 2 January 2019, moved the Supreme Court challenging the National Green Tribunal'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.

Powered by Capital Market - Live News