Vedanta companies tumble at bourses after mining ban
August 24th, 2010 - 8:08 pm ICT by IANSMumbai, 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.
- Cairn India shares only moderately up day after stake sale - Apr 20, 2011
- Vedanta to consolidate subsidiaries into single entity - Feb 25, 2012
- No environment clearance to Vedanta - Jul 02, 2011
- Supreme Court asks for fresh petition on Orissa mining issue - Apr 01, 2011
- Vedanta won't give fight over Orissa hill tribe's sacred mountain - Feb 01, 2011
- Vedanta to pick up majority stake in Cairn India - Aug 16, 2010
- Orissa seeking legal opinion on Vedanta project - Oct 28, 2010
- Vedanta merges units to create India's largest resources firm (Lead) - Feb 26, 2012
- Government panel says no to Vedanta's Orissa project - Aug 16, 2010
- India junks Vedanta's mining bid on environment concerns - Aug 24, 2010
- Orissa to examine rejection of Vedanta clearance (Lead) - Aug 24, 2010
- Orissa protests rejection of Vedanta clearance - Aug 24, 2010
- Vedanta taps Gujarat for bauxite for Orissa refinery - Sep 02, 2010
- Central team probes land grab charge against Vedanta - Jan 30, 2010
- Government panel nixes Vedanta's Orissa project (Lead) - Aug 16, 2010
Tags: advisory committee, alumina refinery, aluminum, bauxite mining, bombay, bourses, expert panel, holding company, london stock exchange, london stock exchanges, mid day, mining project, nod, orissa, rs 1, scrips, sesa goa, sterlite industries, subsidiaries, zinc