Sterlite plant will be shut permanently: Tamil Nadu Deputy CM

In a blow to metals and mining company Vedanta, according to reports, the deputy chief minister of Tamil Nadu O Panneerselvam has asserted that the government will order permanent shut down of the company’s Sterlite Copper plant in Tamil Nadu’s Tuticorin.   

The company's Sterlite Copper plant has been in controversy regarding environmental pollution, which drastically escalated on May 22 as police firing led to the death of 12 individuals who were a part of a protest against Vedanta’s Sterlite copper plant.The copper plant operates at a 400,000 tonne per annum capacity.

The share price of the company has plunged by over 25 per cent since the beginning of 2018. On Monday, the stock hit an intraday high of Rs. 255.35 per share and an intraday low of Rs. 246.05 per share on BSE. The stock closed at Rs. 253.10 per share, up by 0.48 per cent.

The stock had hit its 52-week high of Rs. 355.70 per share on January 29, 2018 and its 52-week low of Rs. 226.60 per share on June 2, 2017 on BSE, respectively.

On Monday, the Indian benchmark indices BSE S&P Sensex closed at 35,165.48 level, up by 0.69 per cent and NSE Nifty50 ended at 10,688.65 level, up by 0.79 per cent.