Sesa Sterlite says Supreme Court ruling not related to company

SC reiterated on Tuesday that all iron ore mined in Goa before 2007 belonged to the state

Sesa Sterlite Ltd said the Supreme Court's reiteration on Tuesday of a prior ruling that all iron ore mined in Goa before 2007 belonged to the western state did not relate to the company.

"It is being clarified that today's developments in the Supreme Court do not relate to Sesa Sterlite. The written order of the Supreme Court is still awaited," the company said in a statement.

Sesa Sterlite shares had dropped as much 12.4% after television channels reported the Supreme Court reiterated the prior ruling.

The stock recovered most of the loses and ended the day down 0.28% in a Mumbai market that fell 0.13%.

 

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