Sesa shares recover after falling on court order on Goa iron ore mining

MUMBAI (Reuters) - Shares in Sesa Sterlite Ltd recover after falling as much 12.4 percent on Tuesday after the Supreme Court reiterated a prior ruling that all iron ore mined in Goa before 2007 belonged to the state.

A lawyer present at the hearing confirmed the ruling, which had first been reported by TV channels.

Sesa Sterlite was formed after Vedanta Resources Plc merged units Sterlite Industries and Sesa Goa last year.

The shares recovered some of the losses and were down 3.8 percent at 11:46 a.m.

The company was not immediately available for comment.

As of 2:54 p.m., Sesa shares were trading 0.7 percent higher.

 

(Reporting by Aman Shah and Abhishek Vishnoi in Mumbai; Editing by Gopakumar Warrier)