Shares of Birla Corporation dropped 14 per cent to Rs 485 on the BSE in the early morning trade on Monday after the company said National Green Tribunal (NGT) has ordered to stop all mining activities which are being carried on within the municipal limits of Chittorgarh City.
“The Principal Bench of National Green Tribunal on 8th March, 2019 has ordered to stop all mining activities which are being carried on within the municipal limits of Chittorgarh City and within 10 km of Bassi Wildlife Sanctuary or within Eco-Sensitive Zone of Bassi Wildlife Sanctuary, if finally notified,” Birla Corp said on Saturday in a regulatory filing.
The company engaged in cement and cement products said it is studying the implications of the above order on our mining operations at Chanderia and material impact, if any, will be intimated to the stock exchanges.
The cement division of Birla Corporation has 10 plants at seven locations, Satna & Maihar (Madhya Pradesh), Raebareli and Kundanganj (Uttar Pradesh), Chanderia (Rajasthan), Butibori (Maharashtra) and Durgapur (West Bengal).
At 10:22 am, the stock was trading nearly 6 per cent lower at Rs 533.20 apiece on the BSE in an otherwise strong market. The S&P BSE Sensex was up 0.81 per cent or 298 points at. 36,969.03. The trading volumes on the counter more than doubled with a combined 44,652 equity shares changed hands on the BSE and NSE so far.