Shares of Vedanta took a dive, shares fell 12% on the news of plant sale


New Delhi. Shares of the company fell sharply on Monday after news of multinational mining company Vedanta Limited seeking bids from potential buyers to sell the Sterlite Copper Plant at Tuticorin. The percentage declined. Later there was some improvement in it and it closed at Rs 232.25 (Vedanta Share price today) after a fall of 12.02 percent. Billionaire Anil Agarwal-owned Vedanta is one of the largest metallurgical companies in the country.

The shares of Vedanta Share Price saw a steady decline since this morning. The company’s shares once reached the 52 -week minimum level of Rs 224. Shares of Vedanta have fallen 19 per cent in the last five trading sessions. The stock has fallen 24 per cent in one month and this stock has dived 31 per cent in six months.

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Tuticorin plant has been in controversy
Vedanta’s Tuticorin plant has been in controversy since its inception. This disputed plant has been closed since May 2018. Local people performed extensively to close the plant. There were many allegations on this plant, including non -compliance of environmental rules. However, the company has been denying all the allegations against it. As the dispute escalated, the Tamil Nadu state government shut it down. Vedanta has appealed against the decision of the state government in the Supreme Court. But, the hearing has not taken place yet. Before the closure, Sterlite Copper accounted for 40 per cent of the total production of copper in the country. The sale of this plant of Vedanta includes oxygen generation facility and residential home.

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Five thousand employees used to work
When this plant closed, more than 5 thousand employees were working in it. At the same time, the company claimed that more than 25,000 people were indirectly employed through this plant. On behalf of the company, the bid for this plant has been invited till 6 pm on 4th July. In 2021, there were reports that Vedanta’s Anil Agarwal wants to set up another plant by investing Rs 100 billion in Tamil Nadu. For this the company is looking for 1000 acres of land near the port.

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