Vedanta shares take a tumble after legal blow

first_img whatsapp Share KCS-content whatsapp Tags: NULL VEDANTA RESOURCES, the FTSE 100-listed mining group, yesterday said that its Sterlite Industries subsidiary has been ordered by the Madras High Court to close down a copper-smelting plant on environmental grounds.The announcement sent Vedanta’s lower, eventually 5.5 per cent down at £21.65.Analysts at Liberum Capital said that the suspension of the smelter might cost Vedanta up to two per cent reduction in long-term earnings.Vedanta said it would be appealing the suspension in the High Court, adding: “Vedanta has been operating the smelter in line with the required regulations and standards using efficient technology.”A legal challenge to the smelting plant in Tuticorin was launched before the plant began operating over 12 years ago. More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comWhy people are finding dryer sheets in their mailboxesnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comPuffer fish snaps a selfie with lucky divernypost.com Wednesday 29 September 2010 10:54 pm Show Comments ▼ Vedanta shares take a tumble after legal blow last_img read more