Vedanta share price tanks 12% as Madras High Court issues notice for Tuticorin unit

The Madras HC issued a notice on remediation of contaminated sites at Tuticorin unit after a PIL was filed against the company. At 14:43 hrs Vedanta was quoting at Rs 306.45, down Rs 30, or 8.92 percent on the BSE. The share touched a 52-week high of Rs 341.25 and a 52-week low of Rs 91.25 on 16 August, 2021 and 04 November, 2020, respectively.

Vedanta share price tanks 12% as Madras High Court issues notice for Tuticorin unit

Vedanta share price fell 12 percent intraday on August 17 after the Madras High Court issued notice to the company on remediation of contaminated sites at Tuticorin unit.

The Madras HC issued a notice on remediation of contaminated sites at Tuticorin unit after a PIL was filed against the company, reported CNBC-TV18. The PIL demands Vedanta to remove all contaminated material within Sterlite copper plant.

The company has been given five weeks to respond to notice and the matter is listed for late September.

The company’s Tuticorin unit has been shut since 2018 over allegations of pollution.

At 14:43 hrs Vedanta was quoting at Rs 306.45, down Rs 30, or 8.92 percent on the BSE.

The share touched a 52-week high of Rs 341.25 and a 52-week low of Rs 91.25 on 16 August, 2021 and 04 November, 2020, respectively.

Currently, it is trading 10.2 percent below its 52-week high and 235.84 percent above its 52-week low.