Vedanta companies tumble at bourses after mining ban

August 24th, 2010 - 8:08 pm ICT by IANS  

Mumbai, Aug 24 (IANS) Scrips of the Indian subsidiaries of Vedanta dipped sharply at the Bombay and London Stock Exchanges Tuesday after the Environment and Forest Ministry rejected stage II forest nod for London-listed group’s bauxite mining project in Niyamgiri Hills in Orissa.
Sterlite Industries, which owns 29 percent of Vedanta Aluminum (subsidiary of Vedanta) which had applied for the bauxite mines to feed its alumina refinery, fell almost 4 percent to end the day at Rs.152.40, while another firm Hindustan Zinc slipped 3.85 percent to Rs.1,080.55.

Sesa Goa, another mining firm of the group, was down 0.84 percent and closed for the day at Rs.325.25.

At the London Stock Exchange, the group’s holding company Vedanta Resources Plc was down almost 8 percent in mid-day trade.

Based on a report of an expert panel, the Forest Advisory Committee of the environment ministry refused clearance to Vedanta to mine bauxite in Niyamgiri hills.

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