Protests calling for shutting down Sterlite Tuticorin copper plant operated by Vedanta Limited has set its shares plunging by almost 6 percent on Wednesday, a level last seen 10 months ago in July last year. Vedanta Limited’s share price hit an intra-day low level of Rs 253.75 per share. The share price of the global diversified natural resources company recorded its current 52-week low at Rs 220.65 on the National Stock Exchange on May 24, 2017.
Shares of Vedanta Limited fell to their lowest since July 5, 2017, after at least nine people were killed in the southern state of Tamil Nadu when police fired at violent protesters calling for the closure of a copper smelter run by parent Vedanta Resources Plc, reported Reuters.
It has been more than three months that demonstrations against one of India’s biggest copper smelters have been going on, with protesters alleging that it is a major source of pollution and risk to fisheries. The smelter is run by Vedanta’s Sterlite Copper unit and controlled by Vedanta Limited, a majority-owned subsidiary of London-listed Vedanta Resources. Environmental activists and some local politicians want the government to shut the plant permanently, while Vedanta had earlier said the protests were based on “false allegations”.
Around 12.17 pm, shares of Vedanta were trading lower by 4.63 percent at Rs 257.45 per share on the NSE, after falling as much as 6 percent during the day’s trade.