Vedanta having tumultuous time

about 1 year ago
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Vedanta’s pant in Tamil Nadu, Tuticorin is going through some serious unrest at the moment. In fact the protest yesterday entered the 100th day wgere agitators are demanding closure of Vedanta’s Sterlite Copper. It turned violent with agitators pelting stones and toppling police vehicles after they were prevented from marching towards the plant. Some 11 people have been reported to have lost their lives.

The agitation escalated after the company announced the expansion of its unit. The residents have been opposing the plant for over 20 years now stating that the water in the area has been contaminated due to the plant’s operations and they said they were facing severe health problems due to the unit.

This was the same plant which in 2013 was fined by the Supreme Court on account of a gas leak which caused pollution in the area. 

The plant is currently shut – it is shut from March 27 this year, with the company citing the closure as a part of 15-day maintenance.

The stock is among the top five losers on the BSE today morning; it has closed yesterday at Rs.269.50 and today, it went down to Rs.262, down some 3%. Its 10% LC for today is at Rs.242.

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